OpenNTF has received word from the US Internal Revenue Service that its nonprofit corporate status application has been approved. We requested, and were granted 501(c)(4) status. A 501(c)(4) company is one that exists "for the promotion of social welfare". In other words the IRS recognizes that we do good stuff that benefits others.

The importance of this is that it greatly simplifies the annual financial/tax reporting that we need to do. Basically, we just have to file a simple annual on-line statement as opposed to a full tax return. So, no accounting fees, no taxes, and so we can use all our revenue (mostly from advertising) for contests, our website, and other activities that our Board feels will benefit the community.

If anyone has any questions about our legal status, or would like their companies to join OpenNTF - feel free to get in touch with me at ip-manager@openntf.org.

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