Big News

We recently received some fantastic news: One Dream is officially exempt from federal income tax under Internal Revenue Code (IRC) Section 501(c) (3)!

As a young organization, this is a big victory for us. Applying for and gaining tax-exempt status can be a long, frustrating process. A year ago, our only option would have been to navigate that painful process. Lucky for us, in July 2014 the IRS launched a streamlined version of the application designed specifically for small organizations like ours: Form 1023-EZ. Filling out the application was straightforward, and we received our tax-exempt determination in less than 4 weeks!

You might be wondering, “What are the benefits of being a tax-exempt organization?”

The biggest benefit is that tax-exempt organizations can accept contributions and donations that are tax deductible to the donor. That means that if helping make another person’s dream come true isn’t enough incentive, our donors also know that they can deduct the donation when they file their taxes.

Other Benefits to Tax-Exempt Status

• We’re exempt from federal and state income taxes.
• We can apply for grants and allocations that are only available to IRS-recognized 501(c)(3) organizations.
• We receive discounts and special rates from socially-responsible companies and organizations like Google, Paypal, USPS, and many more.

Our tax-exempt status was just one small hurdle we needed to overcome before growing our organization. It’s finally finished, and we’re very excited about the future!