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.
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!