Tax-Deductible Donations to the Forum?

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SimpleGift
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Tax-Deductible Donations to the Forum?

Post by SimpleGift »

Mel Lindauer wrote:
dratkinson wrote:As the Consumer Forum's focus has been tweaked and reopened, and it was closed while talks with the IRS were ongoing... what is the status of those talks?

I searched, didn't find it. Is Bogleheads.org a tax-favored organization, yet?
The John C. Bogle Center for Financial Literacy, a non-profit organization which was set up to help support the forum as one of it's stated objectives, was finally approved by the IRS as a 501(c)(3) public charity on February 6, 2012. The approval was retroactive to Nov. 22, 2010, the date of the organization's incorporation as a non-profit Texas Corporation.

The Bogle Center also is the registered owner of the Registered Servicemark/Trademark to the name "Bogleheads".

Donations to The John C. Bogle Center for Financial Literacy are now tax-deductible.
Mel, to continue supporting the Forum, how does one now make a tax-deductible donation to "The John C. Bogle Center for Financial Literacy"? I can't seem to find an official mailing address for donations via Google search — and the Support This Site link at the top of the page only has the address of the non-deductible "Gostynska Frakt, Ltd" in Chicago as the donee.

Apologies if I'm getting ahead of things here in your transition. Thanks.
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

Simplegift wrote:
Mel Lindauer wrote:
dratkinson wrote:As the Consumer Forum's focus has been tweaked and reopened, and it was closed while talks with the IRS were ongoing... what is the status of those talks?

I searched, didn't find it. Is Bogleheads.org a tax-favored organization, yet?
The John C. Bogle Center for Financial Literacy, a non-profit organization which was set up to help support the forum as one of it's stated objectives, was finally approved by the IRS as a 501(c)(3) public charity on February 6, 2012. The approval was retroactive to Nov. 22, 2010, the date of the organization's incorporation as a non-profit Texas Corporation.

The Bogle Center also is the registered owner of the Registered Service mark/Trademark to the name "Bogleheads".

Donations to The John C. Bogle Center for Financial Literacy are now tax-deductible.
Mel, to continue supporting the Forum, how does one now make a tax-deductible donation to "The John C. Bogle Center for Financial Literacy"? I can't seem to find an official mailing address for donations via Google search — and the Support This Site link at the top of the page only has the address of the non-deductible "Gostynska Frakt, Ltd" in Chicago as the donee.

Apologies if I'm getting ahead of things here in your transition. Thanks.
Thanks for asking, Simplegift. While we are, indeed, in the transition period, we are accepting tax-deductible donations now that we have final approval from the IRS. We have already had one very generous early grant from two Bogleheads who were just waiting for the IRS approval before making their donation. That donation was intended to help with our early startup costs.

Actually, this has been a long work-in-progress. Jack Bogle actually authorized us to undertake this endeavor in October of 2010. Thanks to a generous Texas Boglehead attorney who donated his time, we were incorporated as a non-profit Texas Corporation on November 22, 2010 with all of the accompanying legal Resolutions and Corporate By-Laws in place. The balance of the time has been taken up with getting the Bogleheads name Trademarked and the 501(c)(3) charitable approval from the IRS. For a while, it looked as if we weren't going to get that approval because the IRS checked out this web site and noted a number of specific topics in the Consumer forum that had nothing to do with our stated mission of "Financial Literacy". Thus the forum's change in scope was necessary to comply with the IRS concerns. After another review round, we finally got the approval on Feb. 6, 2012. So it's been a long and sometimes frustrating road to get to this point, but we persevered and finally made it.

As a startup organization, we do not yet have the funds to ramp up so we can move to the next level, which would include a web site, renting office space and hopefully hiring an Executive Director who would be responsible for carrying out our mission statement, part of which is to help support this forum.

Currently, I'm serving as the President of the organization, Taylor Larimore is the Vice President, Ed Rager from the DC Local Chapter is the Corporate Secretary and Paul Globerson from the San Diego Local Chapter is serving as the Treasurer. As you may know, Ed and Paul also serve as two of the Coordinators for our annual Bogleheads events, and they've made numerous other valuable contributions to the Bogleheads community. All of us serve as unpaid volunteers. Vanguard very generously gave our organization and its small bank account Flagship Status, so we do have a Prime Money Market account where donation checks can be deposited. Now we're hopefully starting on the road to actually earning that Flagship Status.

We do plan to expand the Board of Directors to include a number of names you'll recognize, but those announcements will come at a later time. And we do plan to start with a formal fund-raising program that will hopefully take us to the next level.

In the meantime, tax-deductible donation checks should be made out to the order of "The John C. Bogle Center for Financial Literacy" or "Bogle Center for Financial Literacy" for short. Checks should be mailed to:
The John C. Bogle Center for Financial Literacy
3408 S. Atlantic Ave.
Suite 123
Daytona Beach Shores FL 32118


Donors can request that their donation is to be used to help support the bogleheads.org forum. Since that's already part of our stated mission, the Center will certainly try to honor such requests.

Since we just recently got approval from the IRS, out next task is to start work on getting to the next level. Wish us luck!
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by SimpleGift »

Mel Lindauer wrote:In the meantime, tax-deductible donation checks should be made out to the order of "The John C. Bogle Center for Financial Literacy" or "Bogle Center for Financial Literacy" for short. Contact me via PM for the mailing address (we're in the midst of getting a PO Box)
Many thanks, Mel. Hopefully with tax-deductible status now, Bogleheads will feel even more inclined to pitch in with financial support. :wink:
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Re: Tax-Deductible Donations to the Forum?

Post by pjstack »

Mel Lindauer wrote:
We do plan to expand the Board of Directors to include a number of names you'll recognize, but those announcements will come at a later time.
Petrocelli??
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Re: Tax-Deductible Donations to the Forum?

Post by VictoriaF »

pjstack wrote:
Mel Lindauer wrote:
We do plan to expand the Board of Directors to include a number of names you'll recognize, but those announcements will come at a later time.
Petrocelli??
We would then be on his watch.

Victoria
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Re: Tax-Deductible Donations to the Forum?

Post by FrugalInvestor »

This is all great news, I'm very pleased to read about it!

Thanks to all of those who have given their time, talents and efforts to make it happen.
Have a plan, stay the course and simplify, but most importantly....Ignore the Noise!
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Re: Tax-Deductible Donations to the Forum?

Post by kingsnake »

Happy Easter!

Will the site or is it still getting a percentage from the things off of Amazon?
There are several books Ill be ordering in the near future.
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Re: Tax-Deductible Donations to the Forum?

Post by Carls »

Mel Lindauer wrote:[Donations to The John C. Bogle Center for Financial Literacy are now tax-deductible. ...
Since we just recently got approval from the IRS, out next task is to start work on getting to the next level. Wish us luck!
Well, Good Luck !

Do you have a tax ID number that we can use to search? Actually it would be very useful if there were a separate number for the website support - if that's possible and easy to do. On the Fidelity Charitable Gift fund, it slows donation acceptance times when special instructions are written in (like: for support of website).

Carls
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

DAK wrote:Happy Easter!

Will the site or is it still getting a percentage from the things off of Amazon?
There are several books Ill be ordering in the near future.
Yes, as long as you use the provided link to go to Amazon for your purchases.
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

Carls wrote:
Mel Lindauer wrote:[Donations to The John C. Bogle Center for Financial Literacy are now tax-deductible. ...
Since we just recently got approval from the IRS, out next task is to start work on getting to the next level. Wish us luck!
Well, Good Luck !

Do you have a tax ID number that we can use to search? Actually it would be very useful if there were a separate number for the website support - if that's possible and easy to do. On the Fidelity Charitable Gift fund, it slows donation acceptance times when special instructions are written in (like: for support of website).

Carls
Hi Carls:

Here are some links that will show our long journey in getting our Texas non-profit Corp. registation, our IRS 501(c)(3) charitable approval and our Trademark paperwork trail. (Our EIN is listed on the IRS approval link.)

http://www.lookupbook.com/profile/media ... l-literacy
http://apps.irs.gov/app/eos/pub78Search ... ame=Search
http://nccsdataweb.urban.org/orgs/profi ... 36?popup=1
http://trademarks.justia.com/767/06/bog ... 06567.html
http://www.trademarkia.com/bogleheads-76706567.html
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by LadyGeek »

Thanks. I didn't know that the IRS has a tool that can be used to verify tax-exempt organizations. It's now in the wiki: Charity Selection Links (and Tools and Calculators)

For completeness, the wiki also documents the registration of the Bogleheads® service mark. Click on the disclaimer at the bottom of every wiki page, then the discussion tab: Talk:Bogleheads®:General disclaimer
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
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Re: Tax-Deductible Donations to the Forum?

Post by Muchtolearn »

I too am looking to being a contributor. For due diligence, as I assume most bogleheads do, I understand the organization supports this website and hosts get togethers (I hope the fees pay for this). Is there a way I )we) can see what the budget is or some way of knowing how the funds would be used? What is the office for, for example, how many people are there as I assume you are geographically spread out, etc?

If I am out of line asking these questions, please feel free to shut me down on this and I will meekly quiet down :confused
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Re: Tax-Deductible Donations to the Forum?

Post by Eric »

Mel Lindauer wrote:Donors can request that their donation is to be used to help support the bogleheads.org forum. Since that's already part of our stated mission, the Center will certainly try to honor such requests.
I'm the lawyer who helped with forming the Bogle Center and obtaining its tax exemption. At Mel's request, I wanted to offer a word of explanation.

The Bogle Center is a charity, but Alex is not (though it often seems like he is, considering the enormous amount of time and server capacity he contributes to the cause!). The distinction may be important, because Alex (or his company) owns Bogleheads.org, the web site.

If an individual makes a donation to the Bogle Center with the request that it be used to support Bogleheads.org, I would expect the IRS to respect that as a donation to the Bogle Center. However, if an individual makes a donation to the Bogle Center with the direction that it be used to support Bogleheads.org, the IRS may instead treat that as a donation to Alex. Since Alex personally is not a charity, that could cause the donor to lose any tax deduction he might otherwise enjoy.

This comment applies more broadly than just to the Bogle Center. Generally it's best just to make requests of a charity you make contributions to. Most charities honor reasonable requests that fall within their mission anyway. Similarly, by Mel's comment above he means just that: the Bogle Center is inclined to honor requests like this. However, he's not legally committing the Bogle Center, and anyone who makes such a request would need to understand that the Bogle Center does legally have the right not to follow it.

The usual disclaimers apply: This isn't legal or tax advice for any donor. I represent only the Bogle Center on these issues, and I encourage donors to consult their own tax advisors. But I thought it might be helpful to mention the issue.

Best wishes.
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

Thanks for the clarification, Eric. And thanks for all you've done (and continue to do) on behalf of the Bogleheads community.

I'd also like to clarify something here. Folks can still make donations directly to Alex to help support the forum as they've always done. The only thing is that you won't get a tax deduction. For many donors, that's not a problem, so you can continue to donate directly to Alex using the "Support" information. And forum members can also continue to help support the forum directly by using the Amazon link to buy their books and other products.

However, for those who are making larger contributions and want the tax deduction, then you'd want to use The John C. Bogle Center for Financial Literacy, since we're an IRS-approved public charity.

Hope that helps.
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by ddb »

Mel and all involved, this is wonderful news, and congratulations on achieving your goal of 501(c)(3) status with the IRS. Sounds like it wasn't a painless process!

Best of luck in your quest to ensure that good advice reaches all investors.

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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

ddb wrote:Mel and all involved, this is wonderful news, and congratulations on achieving your goal of 501(c)(3) status with the IRS. Sounds like it wasn't a painless process!

Best of luck in your quest to ensure that good advice reaches all investors.

- DDB
Thanks for the good wishes, DDB. And thanks for your contributions to the forum. A lot of this forum's good advice comes from you.
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by grok87 »

Mel Lindauer wrote:
Simplegift wrote:
Mel Lindauer wrote:
dratkinson wrote:As the Consumer Forum's focus has been tweaked and reopened, and it was closed while talks with the IRS were ongoing... what is the status of those talks?

I searched, didn't find it. Is Bogleheads.org a tax-favored organization, yet?
The John C. Bogle Center for Financial Literacy, a non-profit organization which was set up to help support the forum as one of it's stated objectives, was finally approved by the IRS as a 501(c)(3) public charity on February 6, 2012. The approval was retroactive to Nov. 22, 2010, the date of the organization's incorporation as a non-profit Texas Corporation.

The Bogle Center also is the registered owner of the Registered Service mark/Trademark to the name "Bogleheads".

Donations to The John C. Bogle Center for Financial Literacy are now tax-deductible.
Mel, to continue supporting the Forum, how does one now make a tax-deductible donation to "The John C. Bogle Center for Financial Literacy"? I can't seem to find an official mailing address for donations via Google search — and the Support This Site link at the top of the page only has the address of the non-deductible "Gostynska Frakt, Ltd" in Chicago as the donee.

Apologies if I'm getting ahead of things here in your transition. Thanks.
Thanks for asking, Simplegift. While we are, indeed, in the transition period, we are accepting tax-deductible donations now that we have final approval from the IRS. We have already had one very generous early grant from two Bogleheads who were just waiting for the IRS approval before making their donation. That donation was intended to help with our early startup costs.

Actually, this has been a long work-in-progress. Jack Bogle actually authorized us to undertake this endeavor in October of 2010. Thanks to a generous Texas Boglehead attorney who donated his time, we were incorporated as a non-profit Texas Corporation on November 22, 2010 with all of the accompanying legal Resolutions and Corporate By-Laws in place. The balance of the time has been taken up with getting the Bogleheads name Trademarked and the 501(c)(3) charitable approval from the IRS. For a while, it looked as if we weren't going to get that approval because the IRS checked out this web site and noted a number of specific topics in the Consumer forum that had nothing to do with our stated mission of "Financial Literacy". Thus the forum's change in scope was necessary to comply with the IRS concerns. After another review round, we finally got the approval on Feb. 6, 2012. So it's been a long and sometimes frustrating road to get to this point, but we persevered and finally made it.

As a startup organization, we do not yet have the funds to ramp up so we can move to the next level, which would include a web site, renting office space and hopefully hiring an Executive Director who would be responsible for carrying out our mission statement, part of which is to help support this forum.

Currently, I'm serving as the President of the organization, Taylor Larimore is the Vice President, Ed Rager from the DC Local Chapter is the Corporate Secretary and Paul Globerson from the San Diego Local Chapter is serving as the Treasurer. As you may know, Ed and Paul also serve as two of the Coordinators for our annual Bogleheads events, and they've made numerous other valuable contributions to the Bogleheads community. All of us serve as unpaid volunteers. Vanguard very generously gave our organization and its small bank account Flagship Status, so we do have a Prime Money Market account where donation checks can be deposited. Now we're hopefully starting on the road to actually earning that Flagship Status.

We do plan to expand the Board of Directors to include a number of names you'll recognize, but those announcements will come at a later time. And we do plan to start with a formal fund-raising program that will hopefully take us to the next level.

In the meantime, tax-deductible donation checks should be made out to the order of "The John C. Bogle Center for Financial Literacy" or "Bogle Center for Financial Literacy" for short. Checks should be mailed to:
The John C. Bogle Center for Financial Literacy
3408 S. Atlantic Ave.
Suite 123
Daytona Beach Shores FL 32118


Donors can request that their donation is to be used to help support the bogleheads.org forum. Since that's already part of our stated mission, the Center will certainly try to honor such requests.

Since we just recently got approval from the IRS, out next task is to start work on getting to the next level. Wish us luck!
congratulations Mel!
RIP Mr. Bogle.
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Re: Tax-Deductible Donations to the Forum?

Post by joppy »

Congratulations on getting all of this set up.
Mel Lindauer wrote:As a startup organization, we do not yet have the funds to ramp up so we can move to the next level, which would include a web site, renting office space and hopefully hiring an Executive Director who would be responsible for carrying out our mission statement, part of which is to help support this forum.
Eric wrote:The Bogle Center is a charity, but Alex is not (though it often seems like he is, considering the enormous amount of time and server capacity he contributes to the cause!). The distinction may be important, because Alex (or his company) owns Bogleheads.org, the web site.
Is the idea then that once the organization has sufficient funds to be self sustaining that it would fund the entire costs of the operation of Bogleheads.org?

Would the web site of the Bogle Center that Mel talks about be distinct from bogleheads.org, or does he mean that the Bogle Center would take over bogleheads.org once the bogle center has enough money to run the website? Or is the plan that bogleheads.org continues to operate as a separate entity from the Bogle Center for the foreseeable future?

Apologies if I am asking too many questions too early in the process. I should add -- Alex is doing a stand-up job running bogleheads.org, and I am very thankful to him for doing so.

Cheers,
Joppy
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

grok87 wrote:
Mel Lindauer wrote:
Simplegift wrote:
Mel Lindauer wrote:
dratkinson wrote:As the Consumer Forum's focus has been tweaked and reopened, and it was closed while talks with the IRS were ongoing... what is the status of those talks?

I searched, didn't find it. Is Bogleheads.org a tax-favored organization, yet?
The John C. Bogle Center for Financial Literacy, a non-profit organization which was set up to help support the forum as one of it's stated objectives, was finally approved by the IRS as a 501(c)(3) public charity on February 6, 2012. The approval was retroactive to Nov. 22, 2010, the date of the organization's incorporation as a non-profit Texas Corporation.

The Bogle Center also is the registered owner of the Registered Service mark/Trademark to the name "Bogleheads".

Donations to The John C. Bogle Center for Financial Literacy are now tax-deductible.
Mel, to continue supporting the Forum, how does one now make a tax-deductible donation to "The John C. Bogle Center for Financial Literacy"? I can't seem to find an official mailing address for donations via Google search — and the Support This Site link at the top of the page only has the address of the non-deductible "Gostynska Frakt, Ltd" in Chicago as the donee.

Apologies if I'm getting ahead of things here in your transition. Thanks.
Thanks for asking, Simplegift. While we are, indeed, in the transition period, we are accepting tax-deductible donations now that we have final approval from the IRS. We have already had one very generous early grant from two Bogleheads who were just waiting for the IRS approval before making their donation. That donation was intended to help with our early startup costs.

Actually, this has been a long work-in-progress. Jack Bogle actually authorized us to undertake this endeavor in October of 2010. Thanks to a generous Texas Boglehead attorney who donated his time, we were incorporated as a non-profit Texas Corporation on November 22, 2010 with all of the accompanying legal Resolutions and Corporate By-Laws in place. The balance of the time has been taken up with getting the Bogleheads name Trademarked and the 501(c)(3) charitable approval from the IRS. For a while, it looked as if we weren't going to get that approval because the IRS checked out this web site and noted a number of specific topics in the Consumer forum that had nothing to do with our stated mission of "Financial Literacy". Thus the forum's change in scope was necessary to comply with the IRS concerns. After another review round, we finally got the approval on Feb. 6, 2012. So it's been a long and sometimes frustrating road to get to this point, but we persevered and finally made it.

As a startup organization, we do not yet have the funds to ramp up so we can move to the next level, which would include a web site, renting office space and hopefully hiring an Executive Director who would be responsible for carrying out our mission statement, part of which is to help support this forum.

Currently, I'm serving as the President of the organization, Taylor Larimore is the Vice President, Ed Rager from the DC Local Chapter is the Corporate Secretary and Paul Globerson from the San Diego Local Chapter is serving as the Treasurer. As you may know, Ed and Paul also serve as two of the Coordinators for our annual Bogleheads events, and they've made numerous other valuable contributions to the Bogleheads community. All of us serve as unpaid volunteers. Vanguard very generously gave our organization and its small bank account Flagship Status, so we do have a Prime Money Market account where donation checks can be deposited. Now we're hopefully starting on the road to actually earning that Flagship Status.

We do plan to expand the Board of Directors to include a number of names you'll recognize, but those announcements will come at a later time. And we do plan to start with a formal fund-raising program that will hopefully take us to the next level.

In the meantime, tax-deductible donation checks should be made out to the order of "The John C. Bogle Center for Financial Literacy" or "Bogle Center for Financial Literacy" for short. Checks should be mailed to:
The John C. Bogle Center for Financial Literacy
3408 S. Atlantic Ave.
Suite 123
Daytona Beach Shores FL 32118


Donors can request that their donation is to be used to help support the bogleheads.org forum. Since that's already part of our stated mission, the Center will certainly try to honor such requests.

Since we just recently got approval from the IRS, out next task is to start work on getting to the next level. Wish us luck!
congratulations Mel!
Thanks, grok. And thanks for your many valuable contributions to the forum and to the Bogle Center's mission of financial literacy.
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

joppy wrote:Congratulations on getting all of this set up.
Mel Lindauer wrote:As a startup organization, we do not yet have the funds to ramp up so we can move to the next level, which would include a web site, renting office space and hopefully hiring an Executive Director who would be responsible for carrying out our mission statement, part of which is to help support this forum.
Eric wrote:The Bogle Center is a charity, but Alex is not (though it often seems like he is, considering the enormous amount of time and server capacity he contributes to the cause!). The distinction may be important, because Alex (or his company) owns Bogleheads.org, the web site.
Is the idea then that once the organization has sufficient funds to be self sustaining that it would fund the entire costs of the operation of Bogleheads.org?

Would the web site of the Bogle Center that Mel talks about be distinct from bogleheads.org, or does he mean that the Bogle Center would take over bogleheads.org once the bogle center has enough money to run the website? Or is the plan that bogleheads.org continues to operate as a separate entity from the Bogle Center for the foreseeable future?

Apologies if I am asking too many questions too early in the process. I should add -- Alex is doing a stand-up job running bogleheads.org, and I am very thankful to him for doing so.

Cheers,
Joppy
Hi Joppy:

Alex and Larry own bogleheads.org and will likely continue to own it. There are currently no plans for the Center to take over the forum. However, since the forum serves the Bogle Center's broad mission of "increasing financial literacy", we plan to support it along with a number of other things the Center hopes to do in an attempt to raise the financial literacy of all Americans. We want to continue Jack Bogle's work and hope to put special emphasis on trying to reach folks at a younger age so they can avoid the usual novice mistakes in handling money, abusing credit cards and choosing poor investments. Of course, all of this takes money, so obviously our fund-raising success will determine how much we can accomplish.
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by Petrocelli »

pjstack wrote:
Mel Lindauer wrote:
We do plan to expand the Board of Directors to include a number of names you'll recognize, but those announcements will come at a later time.
Petrocelli??
"If drafted, I will not run; if nominated, I will not accept ..."
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Re: Tax-Deductible Donations to the Forum?

Post by pjstack »

Petrocelli wrote:
"If drafted, I will not run; if nominated, I will not accept ..."
Awwww, c'mon. It'd be fun!
pjstack
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Re: Tax-Deductible Donations to the Forum?

Post by letsgobobby »

I'm a bit confused at this point. Since bogleheads.org is owned by an individual and not the John Bogle Center, how does/can the Bogle Center maintain its non-profit status if supporting an individually-owned site? What kind of "support" does the Bogle Center provide Bogleheads.org?

[Now I realize that the owners of bogleheads.org are not exactly 'for profit.' More like "donating time" to maintain the site. For which I am very grateful. ]

Also, I have perused the John Bogle Center website and other than supporting Bogleheads.org, what other activities does it engage in?

Thanks to all who have made this possible.
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

letsgobobby wrote:I'm a bit confused at this point. Since bogleheads.org is owned by an individual and not the John Bogle Center, how does/can the Bogle Center maintain its non-profit status if supporting an individually-owned site? What kind of "support" does the Bogle Center provide Bogleheads.org?

[Now I realize that the owners of bogleheads.org are not exactly 'for profit.' More like "donating time" to maintain the site. For which I am very grateful. ]

Also, I have perused the John Bogle Center website and other than supporting Bogleheads.org, what other activities does it engage in?

Thanks to all who have made this possible.
The Bogle Center is still in it's infancy, and the current officers (Mel Lindauer, President, Taylor Larimore, VP, Paul Globerson, Treasurer and Ed Rager, Secretary) all serve without pay. Our legal work has been, and is being done pro bono by a Boglehead attorney.

Here is the Center's Mission Statement:

MISSION STATEMENT
•To continue Vanguard Founder John C. Bogle's crusade to see that investors get their fair share of the market returns.
•To raise the level of financial literacy of all Americans so they can realize their goals and achieve financial freedom.
•To support the Bogleheads community's ongoing efforts to help educate investors.

We have developed a number of strategies and methods to carry out the mission statement, but obviously the amount of available funding will determine how much we can accomplish.

When applying for 501(c)(3) non-profit status with the IRS, they were informed that part of our mission would be to support the forum's efforts to help educate investors (item #3 of The Center's mission statement). The IRS inspected the forum, and had some initial concerns about some non-financial posts in the old consumer forum. After some changes were made to that part of the forum, and our attorney's argument that those conversations were part of "community building" and were "de minimus", the IRS agreed and issued the 501(c)(3) letter of approval.

Bottom line: If you'd like, you can bypass The Bogle Center entirely and donate directly to the forum, and we'd encourage folks to do just that. However, since the forum isn't an approved public charity, you just won't get a tax deduction, but that really doesn't matter to those folks who don't itemize their deductions.
Best Regards - Mel | | Semper Fi
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dratkinson
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Re: Tax-Deductible Donations to the Forum?

Post by dratkinson »

A recent topic on tax-deductible contributions linked back to this old topic, and I was checking for completeness....

Could the information at the "Support this Site" link be updated to include instructions on how to make a tax-deductible contribution to this forum? As I'm suggesting this (and given above information in this topic), I'll make a first editing cut.
Suggested update at Support this Site link wrote:
Heading: "Tax-Deductible Donations to Support this Site."

This site is an arm of an IRS-registered 503(c)(3) charitable organization. Tax-deductible donations to support this site can be made through the John C. Bogle Center for Financial Literacy.



Donations by check.

(1) Payee. Tax-deductible donation checks to support this site should be made out to the order of "The John C. Bogle Center for Financial Literacy" or "Bogle Center for Financial Literacy" for short.

(2) Checks should be mailed to:
The John C. Bogle Center for Financial Literacy
3408 S. Atlantic Ave.
Suite 123
Daytona Beach Shores FL 32118

(3) On the memo line, write: "Request support for bogleheads.org"

"Request" is an IRS-required word. Putting it on the check's memo line makes the check complete, without the need for supporting documentation. You may also enclose a letter with the same request and keep a copy for your records.

All three steps are required to make your check tax-deductible.



Donations by Paypal?

???


Suggest above information (tax-deductible contributions) be placed near the top of the link.

For clarity, suggest all other donation information be listed under...
Heading: "Non-Deductible Donations to Support this Site."



Justification. Above change would make it easier for:
(1) Old members to find site's tax-deductible contribution information without searching forum.
(2) New members to learn about site's charitable status.
d.r.a., not dr.a. | I'm a novice investor, you are forewarned.
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Re: Tax-Deductible Donations to the Forum?

Post by gtaylor »

letsgobobby wrote:I'm a bit confused at this point. Since bogleheads.org is owned by an individual and not the John Bogle Center, how does/can the Bogle Center maintain its non-profit status if supporting an individually-owned site? What kind of "support" does the Bogle Center provide Bogleheads.org?
They can do all sorts of things. I was in a similar situation as Larry/Alex, and the Linux Foundation hired my main volunteer full time to carry on doing what he did. Ultimately they I handed them the website outright when I got too busy with kids etc to run it. It all worked out great. (Except, of course, that printers still [stink --admin LadyGeek] ;)
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Re: Tax-Deductible Donations to the Forum?

Post by Jack »

letsgobobby wrote:I'm a bit confused at this point. Since bogleheads.org is owned by an individual and not the John Bogle Center, how does/can the Bogle Center maintain its non-profit status if supporting an individually-owned site? What kind of "support" does the Bogle Center provide Bogleheads.org?
Charities have wide latitude on spending as long is it is not for:
1. Profits to shareholders
2. Self-dealing.
3. Political purposes

As long as the purpose is exempt:
IRS wrote:The exempt purposes set forth in section 501(c)(3) are charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and preventing cruelty to children or animals. The term charitable is used in its generally accepted legal sense and includes relief of the poor, the distressed, or the underprivileged; advancement of religion; advancement of education or science; erecting or maintaining public buildings, monuments, or works; lessening the burdens of government; lessening neighborhood tensions; eliminating prejudice and discrimination; defending human and civil rights secured by law; and combating community deterioration and juvenile delinquency.
There is nothing wrong with charities paying individuals if it promotes the purposes described above. For example charities pay salaries to their workers, pay salaries to doctors doing charity work, pay salaries to scientific and medical researchers, pay money to profit businesses to purchase food or emergency supplies for disasters, etc.

Support for bogleheads could certainly be construed as an educational purpose. Theoretically a charity could even pay full time salaries to all the administrators and moderators, the same as a charity could pay a doctor to work in Haiti.
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

Jack wrote:
letsgobobby wrote:I'm a bit confused at this point. Since bogleheads.org is owned by an individual and not the John Bogle Center, how does/can the Bogle Center maintain its non-profit status if supporting an individually-owned site? What kind of "support" does the Bogle Center provide Bogleheads.org?
Charities have wide latitude on spending as long is it is not for:
1. Profits to shareholders
2. Self-dealing.
3. Political purposes

As long as the purpose is exempt:
IRS wrote:The exempt purposes set forth in section 501(c)(3) are charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and preventing cruelty to children or animals. The term charitable is used in its generally accepted legal sense and includes relief of the poor, the distressed, or the underprivileged; advancement of religion; advancement of education or science; erecting or maintaining public buildings, monuments, or works; lessening the burdens of government; lessening neighborhood tensions; eliminating prejudice and discrimination; defending human and civil rights secured by law; and combating community deterioration and juvenile delinquency.
There is nothing wrong with charities paying individuals if it promotes the purposes described above. For example charities pay salaries to their workers, pay salaries to doctors doing charity work, pay salaries to scientific and medical researchers, pay money to profit businesses to purchase food or emergency supplies for disasters, etc.

Support for bogleheads could certainly be construed as an educational purpose. Theoretically a charity could even pay full time salaries to all the administrators and moderators, the same as a charity could pay a doctor to work in Haiti.
Just to be perfectly clear, no one associated with the forum (the owners, the administrators or the moderators) or with The Bogle Center receive a salary at this time. Money donated to the forum by the Bogle Center simply helps to defray some of the equipment and hosting costs incurred by the forum owners who have donated these costs out of their own pockets for years.

At some point in time, the current Bogle Center officers and board members hope to raise enough money to be able to hire an Executive Director to carry out our stated goal of helping to increase the financial literacy of all Americans. Being frugal Bogleheads, getting an experienced unpaid volunteer Executive Director for this position is also an option we're considering.

And, if for any reason Alex and Larry tire of running the forum, The Bogle Center stands ready to incorporate the forum into The bogle Center's operations.
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by Wildebeest »

Muchtolearn wrote:I too am looking to being a contributor. For due diligence, as I assume most bogleheads do, I understand the organization supports this website and hosts get togethers (I hope the fees pay for this). Is there a way I )we) can see what the budget is or some way of knowing how the funds would be used? What is the office for, for example, how many people are there as I assume you are geographically spread out, etc?

If I am out of line asking these questions, please feel free to shut me down on this and I will meekly quiet down :confused



I am grateful to donate to the Boglehead forum and I did send $ 1000 to Alex Frakt. I will be using Amazon link to support this Site. I will look forward to a taxdeductable donation to theJohn Bogle Center Center for financial literacy.

I have great respect for Larry and Alex for all the work and resources they have put in setting up the Bogleheads.org as well as the administrators and moderators and I am impressed that there are no banner ads.

I can not find John C Bogle Center for financial literacy on the Charity navigator website. I am curious as to what the contributions and budget are.

Where can I find them?
The Golden Rule: One should treat others as one would like others to treat oneself.
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

IRS listing for The John C. Bogle Center for Financial Literacry:

http://apps.irs.gov/app/eos/pub78Search ... ame=Search
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

To clarify:

1. Donations to the forum are not tax deductible.
2. Donations to the Bogle Center are tax deductible.

Therefore, if you don't need the tax deduction, donate directly to the forum. If, on the other hand, you do want to help the forum but need the tax deduction, donate to the Bogle Center. One of the stated missions of the Bogle Center is to help support the forum and its efforts to further financial literacy.
Best Regards - Mel | | Semper Fi
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Re: Tax-Deductible Donations to the Forum?

Post by teacher »

Mel Lindauer wrote:
And, if for any reason Alex and Larry tire of running the forum, The Bogle Center stands ready to incorporate the forum into The bogle Center's operations.
This is a great relief to me. I have often wondered if there was a plan B should our generous forum providers become unable or were unwilling to continue to provide this site. Thank you for thinking long-term.
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Re: Tax-Deductible Donations to the Forum?

Post by gkaplan »

Mel Lindauer wrote:
Simplegift wrote:
Mel Lindauer wrote:
dratkinson wrote:As the Consumer Forum's focus has been tweaked and reopened, and it was closed while talks with the IRS were ongoing... what is the status of those talks?

I searched, didn't find it. Is Bogleheads.org a tax-favored organization, yet?
The John C. Bogle Center for Financial Literacy, a non-profit organization which was set up to help support the forum as one of it's stated objectives, was finally approved by the IRS as a 501(c)(3) public charity on February 6, 2012. The approval was retroactive to Nov. 22, 2010, the date of the organization's incorporation as a non-profit Texas Corporation.

The Bogle Center also is the registered owner of the Registered Service mark/Trademark to the name "Bogleheads".

Donations to The John C. Bogle Center for Financial Literacy are now tax-deductible.
Mel, to continue supporting the Forum, how does one now make a tax-deductible donation to "The John C. Bogle Center for Financial Literacy"? I can't seem to find an official mailing address for donations via Google search — and the Support This Site link at the top of the page only has the address of the non-deductible "Gostynska Frakt, Ltd" in Chicago as the donee.

Apologies if I'm getting ahead of things here in your transition. Thanks.
Thanks for asking, Simplegift. While we are, indeed, in the transition period, we are accepting tax-deductible donations now that we have final approval from the IRS. We have already had one very generous early grant from two Bogleheads who were just waiting for the IRS approval before making their donation. That donation was intended to help with our early startup costs.

Actually, this has been a long work-in-progress. Jack Bogle actually authorized us to undertake this endeavor in October of 2010. Thanks to a generous Texas Boglehead attorney who donated his time, we were incorporated as a non-profit Texas Corporation on November 22, 2010 with all of the accompanying legal Resolutions and Corporate By-Laws in place. The balance of the time has been taken up with getting the Bogleheads name Trademarked and the 501(c)(3) charitable approval from the IRS. For a while, it looked as if we weren't going to get that approval because the IRS checked out this web site and noted a number of specific topics in the Consumer forum that had nothing to do with our stated mission of "Financial Literacy". Thus the forum's change in scope was necessary to comply with the IRS concerns. After another review round, we finally got the approval on Feb. 6, 2012. So it's been a long and sometimes frustrating road to get to this point, but we persevered and finally made it.

As a startup organization, we do not yet have the funds to ramp up so we can move to the next level, which would include a web site, renting office space and hopefully hiring an Executive Director who would be responsible for carrying out our mission statement, part of which is to help support this forum.

Currently, I'm serving as the President of the organization, Taylor Larimore is the Vice President, Ed Rager from the DC Local Chapter is the Corporate Secretary and Paul Globerson from the San Diego Local Chapter is serving as the Treasurer. As you may know, Ed and Paul also serve as two of the Coordinators for our annual Bogleheads events, and they've made numerous other valuable contributions to the Bogleheads community. All of us serve as unpaid volunteers. Vanguard very generously gave our organization and its small bank account Flagship Status, so we do have a Prime Money Market account where donation checks can be deposited. Now we're hopefully starting on the road to actually earning that Flagship Status.

We do plan to expand the Board of Directors to include a number of names you'll recognize, but those announcements will come at a later time. And we do plan to start with a formal fund-raising program that will hopefully take us to the next level.

In the meantime, tax-deductible donation checks should be made out to the order of "The John C. Bogle Center for Financial Literacy" or "Bogle Center for Financial Literacy" for short. Checks should be mailed to:
The John C. Bogle Center for Financial Literacy
3408 S. Atlantic Ave.
Suite 123
Daytona Beach Shores FL 32118


Donors can request that their donation is to be used to help support the bogleheads.org forum. Since that's already part of our stated mission, the Center will certainly try to honor such requests.

Since we just recently got approval from the IRS, out next task is to start work on getting to the next level. Wish us luck!
Is it possible to make a donation online? Looking the website for The John C. Bogle Center for Financial Literacy, it appears one can only mail in a donation.
Gordon
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Re: Tax-Deductible Donations to the Forum?

Post by Mel Lindauer »

gkaplan wrote:
Mel Lindauer wrote:
Simplegift wrote:
Mel Lindauer wrote:
dratkinson wrote:As the Consumer Forum's focus has been tweaked and reopened, and it was closed while talks with the IRS were ongoing... what is the status of those talks?

I searched, didn't find it. Is Bogleheads.org a tax-favored organization, yet?
The John C. Bogle Center for Financial Literacy, a non-profit organization which was set up to help support the forum as one of it's stated objectives, was finally approved by the IRS as a 501(c)(3) public charity on February 6, 2012. The approval was retroactive to Nov. 22, 2010, the date of the organization's incorporation as a non-profit Texas Corporation.

The Bogle Center also is the registered owner of the Registered Service mark/Trademark to the name "Bogleheads".

Donations to The John C. Bogle Center for Financial Literacy are now tax-deductible.
Mel, to continue supporting the Forum, how does one now make a tax-deductible donation to "The John C. Bogle Center for Financial Literacy"? I can't seem to find an official mailing address for donations via Google search — and the Support This Site link at the top of the page only has the address of the non-deductible "Gostynska Frakt, Ltd" in Chicago as the donee.

Apologies if I'm getting ahead of things here in your transition. Thanks.
Thanks for asking, Simplegift. While we are, indeed, in the transition period, we are accepting tax-deductible donations now that we have final approval from the IRS. We have already had one very generous early grant from two Bogleheads who were just waiting for the IRS approval before making their donation. That donation was intended to help with our early startup costs.

Actually, this has been a long work-in-progress. Jack Bogle actually authorized us to undertake this endeavor in October of 2010. Thanks to a generous Texas Boglehead attorney who donated his time, we were incorporated as a non-profit Texas Corporation on November 22, 2010 with all of the accompanying legal Resolutions and Corporate By-Laws in place. The balance of the time has been taken up with getting the Bogleheads name Trademarked and the 501(c)(3) charitable approval from the IRS. For a while, it looked as if we weren't going to get that approval because the IRS checked out this web site and noted a number of specific topics in the Consumer forum that had nothing to do with our stated mission of "Financial Literacy". Thus the forum's change in scope was necessary to comply with the IRS concerns. After another review round, we finally got the approval on Feb. 6, 2012. So it's been a long and sometimes frustrating road to get to this point, but we persevered and finally made it.

As a startup organization, we do not yet have the funds to ramp up so we can move to the next level, which would include a web site, renting office space and hopefully hiring an Executive Director who would be responsible for carrying out our mission statement, part of which is to help support this forum.

Currently, I'm serving as the President of the organization, Taylor Larimore is the Vice President, Ed Rager from the DC Local Chapter is the Corporate Secretary and Paul Globerson from the San Diego Local Chapter is serving as the Treasurer. As you may know, Ed and Paul also serve as two of the Coordinators for our annual Bogleheads events, and they've made numerous other valuable contributions to the Bogleheads community. All of us serve as unpaid volunteers. Vanguard very generously gave our organization and its small bank account Flagship Status, so we do have a Prime Money Market account where donation checks can be deposited. Now we're hopefully starting on the road to actually earning that Flagship Status.

We do plan to expand the Board of Directors to include a number of names you'll recognize, but those announcements will come at a later time. And we do plan to start with a formal fund-raising program that will hopefully take us to the next level.

In the meantime, tax-deductible donation checks should be made out to the order of "The John C. Bogle Center for Financial Literacy" or "Bogle Center for Financial Literacy" for short. Checks should be mailed to:
The John C. Bogle Center for Financial Literacy
3408 S. Atlantic Ave.
Suite 123
Daytona Beach Shores FL 32118


Donors can request that their donation is to be used to help support the bogleheads.org forum. Since that's already part of our stated mission, the Center will certainly try to honor such requests.

Since we just recently got approval from the IRS, out next task is to start work on getting to the next level. Wish us luck!
Is it possible to make a donation online? Looking the website for The John C. Bogle Center for Financial Literacy, it appears one can only mail in a donation.
Yes, sending in a check is currently the only way we accept donations. Being Bogleheads, we don't wish to pay middlemen like PayPal or others for collecting donations for us. Rather, we want 100% of the donation to be available for the Center's mission.
Best Regards - Mel | | Semper Fi
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