We are Officially 501(c)3 Non-Profit Status!

We are Officially 501(c)3 Non-Profit Status!08/25/2011

 

Celebration is in order!

We just found out today that...As of June, 16th 2011 we have finally been approved for our 501(c)3 Federal Tax-Exempt Status! It has been quite the process to accomplish this, but we are proud, enthusiastic, and ready to move forward. But first, let's take a brief look at a the timeline for said accomplishment. It all started....

• December 5, 2008 - D.r.e.e.m. Reality was born (as an idea, logo, and name)
• March 30, 2010 - Dedicate self full time to D.r.e.e.m. Reality, create the Statement of Purpose
• April 20, 2010 - Mail first round of Articles of Incorporation to CA Secretary of State
• June 1, 2010 - First time going live with www.DreemReality.org
• July 4, 2010 - Articles of Incorporation returned, unfiled (missing a name/signature)
• July 6, 2010 - Articles of Incorporation dropped off in person! Official Date of Incorporation as D.r.e.e.m. Reality 
• December 2, 2010 - Approved State Tax Exempt Status!
• December 22, 2010 - Sent out Federal Tax Exempt Application
• January 19, 2011 - Get official D.r.e.e.m. Reality phone number
• February 14, 2011 - Additional Information needed for Federal Tax Exempt
• May 24, 2011 - Additional Information sent back to IRS
• June 16, 2011 - Approved Federal Tax Exempt Status!
• August 25, 2011 - Called the IRS to ask about the status, because we have not seen anything in the mail yet - due to our absorbent amount of travel. Found out the good news!

There are many different events along the way, but it's nice to look at an overview of this crazy Non-Profit Status. Something very rewarding about it.

So, now that we have BOTH State and Federal Tax Exempt Status - what does that mean?

Simply put, it means that we are exempt from being taxed for income we, as an organization, receive from others. More colorfully put, it means that we are eligible for grants, fundraising, tax-deductible public and private donations, and of course all the perks that come with such a status (discounts and free services). Additionally, we hold a valued status within the society as an Educational Organization!

Many doors of opportunity will now be open to us and we are excited to dive into them. Here are some of our plans with our new status:

• Attain free services such as FatCow web hosting, SalesForce, etc
• Apply for grants to support various research projects and educational tools
• Receive public donations, from viewers like you that are tax deductible for you

With this status comes a responsibility to file several quarterly and annual taxes, and of course the fees associated with filing. But generally, we are looking on the bright side and seeing this new development as a 501(c)3 as a tool to achieve the Dreems of the organization.

So Hooray Hooray, we're on our Way!

~Dani