Foundation has received from the Internal Revenue Service a favorable
“advance ruling letter” granting provisional tax-exempt
status to Jimmy’s Vision Foundation.
This ruling is retroactive to the date of incorporation which was
August 13, 2003. The ruling indicates that the Foundation will be
treated as a publicly-supported charitable organization described
under section 509(a)(1) of the Internal Revenue Code and not as
a private foundation during its advance ruling period, which ends
June 30, 2008. During the advance ruling period the Foundation may
receive contributions from individuals, corporations, estates, trusts,
and other foundations (public or private). Cash contributions from
individuals will generally be deductible by the donors up to 50
percent of their adjusted gross income. At the end of the advance
ruling period the Foundation will be notified by the IRS that it
has 90 days to submit additional financial information covering
the five year period to support its claim for the status as a publicly
supported charity. If the financial data submitted demonstrates
sufficient public support, the Internal Revenue Service will issue
a definitive ruling on the Foundation’s tax-exempt status
which will be valid until and unless there is substantial changes
in the Foundation’s exempt activities or sources of financial
Upon completion of the advance ruling period on June 30, 2008 Jimmy's Vision Foundation submitted additional financial information covering the five-year period to support its claim for the status as a publicly supported charity.
As of July 22, 2008 Jimmy's Vision Foundation demonstrated sufficient public support to the Internal Revenue Service and was issued a definitive ruling on the foundation's tax exempt status which will remain valid until or unless there is substantial changes in the foundation's exempt activities or sources of financial support.
Jimmy's Vision Foundation is classified as a public charity under code 170(b)(1)(A)(vi) and is classified as an organization exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code.
Disclosure of Application for Recognition of Exemption and Information
The Foundation has a copy of its Form 990 for the last year and
will provide them for the past three years as those years arrive.
They are available for public inspection at our principal office
of organization. The names of the contributors will not be disclosed.
A copy of the application for recognition of Exemption (Form 1023)
and all related correspondence with the Internal Revenue Service
will also be available for public inspection at the foundation’s
Registration – Charitable Solicitation
The Foundation plans to solicit contributions from the general public
in the state of California and is registered with the Office of
the Attorney General having Form CT-1 available for inspection.
Similar registration will be obtained in other states in which the
Foundation plans to solicit contributions if required by such state.