Poverty2Prosperity (P2P) 501(c)(3) Current Status
Poverty2Prosperity (P2P) began the process to obtain 501(c)(3) status in June 2008. Working with a very experienced lawyer, we contacted and consulted with representatives from the IRS to first ensure that P2P's primary goal of providing micro-loans would be accepted by them for 501(c)(3) status. We were given a favorable reponse and initiated the process. Articles of Incorporation have been approved by the California Secretary of State which means that P2P is now incorporated in California. We are now beginning the 501(c)(3) process and because we began this process early enough in 2008, it is fully expected to be completed before the end of the year. All grants and donations received by an organization are tax deductible in the year in which it is given 501(c)(3) status. However, nothing is absolutely certain and if, for some unforeseen reason, 501(c)(3) status were not obtained by 12/31/2008, those contributions would not be tax deductible. If you have any questions at all about P2P's 501(c)(3) status at any time, please feel free to contact us. As usual, it's always a good idea to consult a tax advisor on stuff like this too!