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Hellenic Electronic Center

Hellenic Electronic Center. Federal (IRS) and State (DE) Compliance Informational Purposes Only. IRS Non-Profit Organizations. IRS has many different tax exempt or non- profit classifications known as 501(c) status All 501(c) organizations are exempt from federal income tax

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Hellenic Electronic Center

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  1. Hellenic Electronic Center Federal (IRS) and State (DE) Compliance Informational Purposes Only

  2. IRS Non-Profit Organizations • IRS has many different tax exempt or non- profit classifications known as 501(c) status • All 501(c) organizations are exempt from federal income tax • All require to file IRS Taxes • Donations to some of the 501(c) are not always tax deductible by the donor • Donations to 501(c)(3) are tax deductible to the donor • 501(c)(3) are required to give amounts received - less operating costs - to their charitable causes

  3. IRS Definitions for 501(c)(3) • 501(c)(3) organizations exist and operate under specific IRS rules. • IRS defines that 501(c)(3) purpose must be one or more of the following: • Religious • Educational • Charitable • Scientific • Literary • Testing for Public Safety • Amateur Sports Competition, or • Prevention of Cruelty to Children or Animals

  4. HEC Compliance to IRS 501(c)(3) • Based on IRS definitions, HEC’s purpose complies in the following categories: • Educational (YES – as per our Charter: “organize, house and distribute historically, and academically, accurate information regarding all aspects of the Hellenic (Greek) civilization,") • Charitable (YES – e.g. Myki donations) • Scientific (NOT at present time, but could publish research papers) • Literary (YES – as per our charter)

  5. The Status of HEC • HEC is a 501(c)(3) organization • HEC was recognized as exempt non-profit educational organization under 501(c)(3) of the Internal Revenue Code in a determination letter issued in April 1997 • IRS verified HECs 501(c)(3) status on 30-Oct-2009

  6. IRS Rules for 501(c)(3) • IRS details the 501(c)(3) requirements here: http://www.irs.gov/publications/p557/ch03.html • Highlights: • Educational - Advocacy of a position.   Advocacy of a particular position or viewpoint may be educational if there is a sufficiently full and fair exposition of pertinent facts to permit an individual or the public to form an independent opinion or conclusion. The mere presentation of unsupported opinion is not educational. • Political activity - if any of the activities (whether or not substantial) of your organization consist of participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for public office, your organization will not qualify for tax-exempt status under section 501(c)(3). Such participation or intervention includes the publishing or distributing of statements.

  7. IRS Taxes Filing Requirements • 501(c)(3) with less than $25,000 annual budget must file e-Postcard 990-N • The e-Postcard is due every year by the 15th day of the 5th month after the close of our tax year (May 15th) • HEC’s Filing record for the past four years:

  8. State Of Delaware • Hellenic Electronic Center was incorporated in the US State of DE on 23-Jan-1996 • A Corporate Annual Report is filed every year in January • Compliance to this filing is critical • Heavy penalties for non-filing • Loss of corporate status

  9. Important Dates • 01Mar1995 • HEC was founded www.greece.org • 23Jan1996 • HEC was incorporated in the US State of DE • 03Jun1996 • HEC was launched during Posidonia in Piraeus Greece http://www.greece.org/hec/posidonia96/ • April 1997 • HEC was recognized as exempt under IRS code 501(c)(3) http://www.irs.gov/publications/p557/ch03.html

  10. The Officers of HEC • The Executive Council • Aroniadou-Anderjaska Vassiliki(Full member on 01Jan12) • Bomis, Helen (administration) • Eleutheriadou, Fotini (technical/design) • Gatzoulis, Bill (editorial/correspondence) • Kakouli-Duarte Thomae (Full member on 01Jan12) • Karakostas, Ted (editorial/correspondence) • Kostas Demosthenes (Full member on 01Jan12) • Lawless, Anna (director) • Maniass, Stelios (technical/systems) • Michael, Nico (technical/systems) • Rigos, Evangelos (director) • Voudouris, Thanos (director)

  11. Hellenic Electronic Center This presentation is for informational purposes only For more information see: HEC Bylaws http://www.greece.org/hec/admin/docs/HEC-ByLaws-08Oct2010.pdf Hec Bylaw Addenda http://www.greece.org/hec/admin/docs/hecbylawaddenda.html The Trifold http://www.greece.org/hec/admin/docs/trifold-hec-02.doc HEC Guide & Regulations http://www.greece.org/hec/admin/docs/hec-guide&regulations-draft-v03.pdf www.greece.org

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