Current annual expenses are approximately $350 – $450 / year
- I make no personal income from the foundation and your entire donation (minus credit card transaction fees) go to the International Travel Initiative of the Carter Memorial Scholastic Foundation. The foundation has no paid employees.
- Fees for registration and administration of the Carter Memorial Scholastic Foundation are approximately $100 / year
- Fees for domain name, web hosting and credit card processing software are approximately $150 / year
- Tax prep and tax filing are anticipated to run $100 – $150 / year
- Various expenditures for printing fliers, etc. fill out the remainder
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If you have ANY questions about the foundation or your donations please do not hesitate to contact me at firstname.lastname@example.org and I will get back to you at my earliest possible convenience.
The “could be better” news.
In order for the foundation to simply exist as a legal entity, it needs to collect approximately $35 per month, so any small amount you could contribute is needed to allow the dream to continue.
In order to make the vision of the foundation work it is not designated as a not for profit and consequently any donations are not tax deductible. There were many options available and many good and bad reasons for each potential organizational structure. The L3C charitable business structure allows the foundation to engage in mission driven for profit business activities which will allow the foundation to sustain activities without annual public fund raising. Once the initial fund raising requirements are met, the entity will become a self-reliant for years to come as business income will be used to offset scholarships and expenses associated with the students who will benefit from the initiative. The L3C designation is a business that is legally obligated to be mission driven and provides great flexibility focused on a social mission instead of profit.