In Internal Revenue in Publication 557 (Revised November 1999), are the listings of Tax- Exempt Organizations. Among those listed are Foundations, Educational, Public Charities, Fraternal, Veteran's, Employee Associations, Title Holding Corporations, Credit Unions, and Trusts to name a few.

The information we wish to address relates to Charities or more specifically, Charitable Trusts.

CHARITABLE TRUSTS: As with all charitable organizations, Charitable Trusts also have required inclusions as listed below.

1) Every exempt organization must have an Employer Identification Number (EIN) whether it has employees or does not have employees. A form SS#4 is used to secure such a number.

2) Each exempt organization must file for its exemption. Each application must be accompanied by a conformed Copy of the organizations Articles of Incorporation, Articles of Association, Trust Indenture, By-Laws, and/or Constitution or other enabling document/s.

3) A description of activities must accompany the documents of the organization chosen.

4) Financial data must be included with all applications.

5) Assets of an organization must be permanently dedicated to an exempt purpose.

IRS may require you to provide additional information necessary to clarify the nature of the organization such as:

** Representative copies of advertising which has been placed.

** Copies of any publications produced or advertised in.

** Distributed written materials used for expressing views on proposed legislation.

** Copies of leases, contracts, agreements, or other documents in which the organization has entered

If the charitable organization has gross receipts of $10,000.00 or more for a calendar year it must file Form 1023 within 90 days after the current tax period. (year end December 31)

The above information is not meant as legal advice, it is meant to inform the reader. If the reader however wishes to pursue further these opportunities they may contact Bob or Craig at 918-459- 9637 and we will answer what questions you may have.