EFTA Document EFTA01390442

J EPSTBINWRRO/N ISLANDS FOUNDATION stances. See Revenue Ruling 67-246, publiehed in Cumulative Bulletin 1967-2, on page 104, which sets forth guidelines regarding the deductibility, as chari- table contribUtiOns, of payments made by taxpayers for admission. 4o!or other participation in fundraising activities for charity. You are required to tile Form 990-PF, Return of Private Foundation or Section 4947(4)(1) Trust Treated as a Private Foundation. Form 990fPF must be filed by the 15th day of the fifth month after the end of your annual account- ing period. A penalty of $20 a day is charged when a return is filed late, unless iheie is reasonable cause ter the delay. However, the maximum penalty charged cannot exceed $10,000 or 5 percent of-your gross receipts for the year, whichever is less. For organizations with gross receipts exceeding $1,000,000 in any year, the penalty is $100 per day per return, unless there is reasonable cause for the delay. The maximum penalty fer:an organization with great receipts exceeding $1,000,000 shall not -exceed $50,000. This penalty may also be charged if a return is not Complete, so/Please be sure your return is complete before you file it. You are not required to file Federal .incomii4Ftex. return* unless you are subject to the tax on unrelated business;irkCeeunder section 511 of the Code. If you are subject to this tax, you must( Le an income tax return on Form 990-T, tempt Organisation Beninese InconiiITaXletern. In this letter we are not determining whether any. of YO.O.Cpresent or proposed activities are unrelated trade or but:01,8e as defined inThsection 513 of the Code. You ere required to make certelwisturns available for public inspection for three }mare after. the later/Of the due date of the return or the date the return is filed. The returns required to bo made available for public inspection are Form 990-PP, Rettivn of Private Voundatien or Section!4947(a)(1) Nonexempt Charitable Trust IXeatod-as a Private Foundation, and Form 4720, Return of Certain.Sxcise TaieirUp Charities and Other Persons Under 'Chapters 41 and 42 of the Internal Revenue Cede. You are also required to make:available for public inspection your'esemptiOn application, any supporting documents, and your exemption letter. „isopiesliof theee:Aocuments must provided to any individual upon written or in person request without chirge other than reasonable fees for copyingankpoStage. You may- fulfill this requirement by plaoing these documents on thielnternet. Penalties may he imposed for -failure to comply with these requirements. Additional information is availahle in Publication 557, Tax-Exempt Status for Your Organization, or you may call car toll free number shown above. You need an employer identification number even it you have nolemployses. If an employer identification number was not entered on your application, • number will be assigned to you and you will be advised of it. Flukes use that number on all returns you file and in all correspondence with the Internal Revenue Service. • This determination is based on evidence that your funds are dedicated to the purposes listed in section 501(c) (3,1 of the Code. To assure your continued exemption, you should maintain, records to show that funds are expended only for those purposes. If you distribute funds to other Letter 1076 (DO/CG) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0094948 SDNY_GM_00241132 EFTA01390442