Monthly Archives: December 2016

CrowdRise Effort Funds Medical Clinic

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FOB CANAM Inc. has begun an internet campaign to raise money for the upcoming 2017 Free Barron Medical Clinic, scheduled for the last week of February. To donate to this campaign, please go to CrowdRise.com and search for FOB  CANAM Inc.

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Dr Bonnie McGuire and her three Connecticut nurse volunteers, Lisa Brennan, Dawn Martin and Madeline Tirado with two of the medical clinic patients last year.

One hundred percent of all donations will go towards supplies and equipment used at this annual event if you also choose to cover the 7% fee that the website takes. So far, we have been able to secure a defibrillator, a weight scale, glucometer supplies, wound dressings, orthopedic braces, and a variety of other things.  We still need to purchase medications and other expensive supplies so please take the time to access the CrowdRise site and donate. You will receive a letter acknowledging your donation that is suitable for the Tax man as all donations will be deductible in the United States.

Thank you, in advance, for your generosity.

Charitable Status Expands

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Friends of Barron is very happy to announce that we have begun the process for tax-exempt status as a 501(c)3 under the United States tax code as of mid-December, 2016.

FOB CANAM has applied to the United States Internal Revenue Service (IRS) for non-profit, tax exempt status under regulations pertaining to 501(c)(3). This is a four step process:

  • 1. Incorporate in the US; done. We are now FOB CANAM Inc.
  • 2. Get a federal ID #; done.
  • 3. Open a US bank account; done.
  • 4. Apply to the IRS for final ruling on tax exempt status; will be done 26Dec16.

 

While we await IRS approval, FOB CANAM Inc is permitted to operate as a tax exempt organization. To quote the IRS regulation:

“Although donors have no assurance that contributions are tax-deductible for federal income tax purposes until the application is approved contributions made while an application is pending would qualify if the application is approved”.

Tax receipts can only be given to donors after the 501(c)(3) tax exempt status is approved. When approved, donations received during this “pending period” will be tax deductible to the donor retroactive to the date of application (December 26, 2016).
FOB CANAM AC remains a registered tax exempt charity in Mexico. Your donations are legally tax deductible in the US, but only against Mexican source income.
Canadians should check with their accountants regarding the deductibility of donations to either US or Mexican tax exempt charities.