From the IRS Website
When the IRS approves a timely filed exemption application, exempt status is recognized back to the date the organization was created. Thus, while an application is pending, the organization can treat itself as exempt from federal income tax under section 501(c)(3). For example, it must file Form 990 (instead of an income tax return) while its application is pending. However, contributors to the organization do not have advance assurance of deductibility because the organization’s exemption is pending. If the organization ultimately qualifies for exemption for the period in which the contribution is made, the contribution will be tax-deductible by the donor. Alternatively, if the organization ultimately does not qualify for exemption, then the contribution will not be tax deductible.
**The organization submitted its 1023 to the IRS on October 26th, 2020; we believe we will have a determination letter from the IRS in a matter of weeks.
Gifts of Art & Design
Artists, Artist Estates, and Collectors
While it is not a part of The Foundation for Art & Design’s mission to hold a permanent collection, we encourage the giving of all or part of a body of work or collection. We will hold each donation for a minimum of three years, during which time we will research and exhibit the work(s). After this time, we will de-access the work so that it can be reassessed through interaction with other scholars, curators, and visitors so that the work remains dynamic and relevant.
**Any money received from this process will be added to our endowment in order to further our mission.