Wednesday, November 28, 2007

Library Gains Public Charity Status from IRS

It took five years to prove it, but the David Sarnoff Collection, Inc., which does business as the David Sarnoff Library, has been redefined as a public charity rather than a private foundation. This essentially means that we rely on contributions and grants to support our mission, instead of fulfilling our mission by making contributions and grants, The Internal Revenue Service backdated this status to January 1, 2002, based on our activities and sources of funding in that time. The most important consequences of this redefinition are that contributions, bequests, legacies, transfers, and gifts are all deductible for Federal purposes according to Sections 170, 2055, 2106, or 2522 of the Internal Revenue Code. In addition, the Library is now eligible for matching gifts from corporate and other foundations.

We'd like to thank our accountant, Kenneth Ditmars, CPA, of Ditmars Perazza, and the good and friendly people of the IRS in Cincinnati and Dallas for their help in guiding us through this process!