GREAT NEWS!!! TNKR is in the process of obtaining 501(c)3 status in the USA. It typically takes 3 to 6 weeks for it to be finalized.
- DIRECT TAX DEDUCTIONS: Current status: Donors giving through our third-party Website can receive donations. Upcoming updated status: US based donors can receive a tax deduction when donating directly to TNKR.
- FACEBOOK FUNDRAISERS: Facebook is in the process of destroying crowdfunding sites by receiving donations. After our 501(c)3 is approved, then we will be able to join Facebook in that effort because people will be able to donate directly to TNKR via Facebook. This is really popular when people are celebrating birthdays.
- MATCHING CHALLENGE: As some of you may remember, we had a generous donor who wanted to challenge me by raising more money than I have. Unfortunately, he is failing so far, but hasn’t given up. With the ability for people to receive tax deductions by giving directly to TNKR, he may be able to raise more money, and we may be able to do the same.
Now all of this hypothetical money coming from these various moves are “if.” For some reason, many people seem to think every time that I say “fundraising” or “donation” that we have a swarm of people throwing money at us, which is far from the truth! TNKR is in no danger of collapsing (soon), but we still don’t have the money we need to become a sustainable organization.
Still, this is good progress! To check the checklist:
- Tax deductions for individual donors in Korea? YES, possible! As of 12/31/18.
- Tax deductions for corporations and businesses in Korea? Not yet, but we need more money in the bank.
- Tax deductions for US individuals or corporate donors, indirectly? Yes, if they donate via our crowdfunding site or have me manually generate the receipt.
- Tax deductions for US individuals or corporate donors, directly? Coming soon! 501(c)3 is about three to six weeks.
- Donations on Facebook directly to TNKR? Coming soon! After the 501(c)3 is set up and our business bank account is established.
Any other process that I need to know about and start processing? This entire process took time because my bank in the USA said I could not set up a business account without presenting myself in person, which I did during my recent trip to the USA.