Why is EVPB a private foundation?
Nathan
Last Update 10 months ago
We are a new nonprofit. Private foundation status is the IRS’ default classification of all new 501(c)(3) organizations, unless they can show at the time of application that they qualify for the public charity exemption. Unfortunately, we started this organization with only three people, and we started it with no money, so we didn’t meet the requirements for the public charity exemption. To qualify, we needed to have a few more board members join, and we need to receive funds mostly from the public, instead of funding it ourselves.