Hello Book Thing friends!
We have the most wonderful news to share with you: The Book Thing has its non-profit status back! We just received a letter from the IRS telling us that they have approved our application for the retroactive reinstatement of TBT’s status as a tax-exempt 501(c)(3) organization. Donations made to The Book Thing this holiday season are fully tax deductible according to our IRS letter.
Appropriately, we opened the IRS letter on the morning of Thanksgiving Day. Due to a miscommunication, two of us stopped by at the same time to feed TBT’s cat, Eleanor. We checked the mailbox for Wednesday’s mail, and found the IRS letter. We couldn’t be more pleased, or more grateful — especially since we had not expected a response from the IRS before 2021!
This reinstatement would not have been possible without the expertise of our amazing CPA, who never fails to go the extra mile for us. Her work was complemented by the pro bono support of two lawyers — and longtime TBT fans — from the Baltimore office of DLA Piper. Together, these three professionals advised countless hours of work by Board members, board advisors, and former staff, and helped transform the results of these efforts into correct and complete IRS filings.
Nor would our reinstatement have been possible without you, our Book Thing community. Financial donations received before our reinstatement have made a huge difference several times during the cash crunch of the pandemic. And although the virus has severely limited volunteer opportunities and book giveaway efforts, you have turned out to support our mission at every opportunity — both by adopting books, and by helping to give them away. Thank you.
The reinstatement of our nonprofit status opens many new doors — opportunities, but also work to do. In the coming weeks and months, we will need to dedicate time and bandwidth to many new administrative steps related to keeping the organization properly registered and compliant. We will also be able to learn more about fundraising opportunities, and should be able to move forward slowly on Board development.
Finally, a logistical note: our IRS letter is dated Nov 13, 2020. As it is so recent, the change in our status does not yet appear on the IRS website or in their monthly release of Publication 78 data. Many online charity registrations — including Amazon Smile — depend on Pub.78 and may take several months to update their systems after each new data release from the IRS. Regardless, donations made going forward are fully tax deductible. Donations made during our revocation period will also be deductible, due to the retroactive nature of our reinstatement. However, there is some confusion at the IRS that we still need to sort out regarding the effective retroactive date. Please consult a tax professional if you have questions about past donations.
As always, please direct any and all inquiries to the Board of Directors via the Contact form on our website.
With gratitude, we remain yours in books!