Global Alopecia Mission was incorporated as a nonprofit organization on Oct 14, 2011 after spending months of preliminary work, such as: developing infrastructure, enlisting supporters and establishing some key team members both within the US and abroad.
The 501c3 application review process by the US government generally takes many months, but while it’s application is pending Global Alopecia Mission can treat itself as fully tax exempt under IRS guidelines. Contributors donations would therefore be exempt unless there was ultimately an adverse ruling.
Though GAM has not yet received ‘recognition’ as a 501c3 by the IRS, it is helpful to note that gaining 501c3 status is merely official recognition by the tax authority of what the organization already is: a lawfully chartered non profit. Recognition simply affirms that the organization has shown through their application that they will abide by the guidelines established by the US Internal Revenue Service.
The following language is incorporated into the Global Alopecia Mission formation documents:
This corporation is a charitable organization as defined in NCGS 55A-1-40(4). Said corporation is organized exclusively for charitable, educational, and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to its members, trustees, officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the exempt purposes for which it has been organized. No substantial part of the activities of the corporation shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of or in opposition to any candidate for public office. Notwithstanding any other provision of these articles, the corporation shall not carry on any other activities not permitted to be carried on by a corporation exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
Click on this link for further information: Tax Exempt Status while IRS Application Pending