I am so happy to announce that Hiking4Hearts has just received its Certificate of Incorporation from the Secretary of the State of CT! What does this mean? It means now we can submit our paperwork to become a recognized 501c3 on a state and federal level!
What does being a 501c3 mean?
One of the primary benefits of being tax-exempt under IRC Section 501(c)(3) is the ability to accept contributions and donations that are tax-deductible to the donor. Additional benefits include, but are not limited to:
* Exemption from federal and/or state corporate income taxes
* Possible exemption from state sales and property taxes (varies by state)
* Ability to apply for grants and other public or private allocations available only to IRS-recognized, 501(c)(3) organizations
* Potentially higher thresholds before incurring federal and/or state unemployment tax liabilities
* The public legitimacy of IRS recognition
* Discounts on US Postal bulk-mail rates and other services