501C 3 Non Profit Status
The San Francisco Bay Chapter of the Internet Society Operating Committee (SF Bay ISOC), a California not-for-profit corporation, received notification of the US Internal Revenue Service (IRS) 501 (c) (3) status as a public charity in 2014. With this status the SF Bay ISOC is not required to pay income taxes or California minimum taxes ($800.00 per year). Filing for IRS 501 (c) (3) status is a significant legal task which required about 2 years from instigation by our board to IRS approval. 501 (c) (3) status certifies the SF Bay ISOC as a non-profit organization which does not engage in political activities. This allows financial contributions to the SF Bay ISOC to be treated as tax deductions for US tax payers. Therefore personal financial contributions to the SF Bay ISOC are tax deductible for US taxpayers who itemize their deductions. Corporations generally deduct such contributions as expenses of the corporation. 501 (c) (3) status does indicate to our corporate partners the formal basis of the SF Bay ISOC.