FECORE is a non-profit corporation registered in the U.S. in the State of Indiana. Since November 2017, we’ve been applying with the U.S. Internal Revenue Service (IRS) to be approved as a 501(c)3 non-profit organization. The purposes of a 501(c)3 corporation can be charitable, educational, or research based. FECORE is a research-based organization. FECORE is in no way involved in religious, political, or lobbying activities. We’re only involved in researching and observing natural phenomenon and publishing our findings.
The IRS regulations allow for applicants for 501(c)3 status to operate in a tax-exempt manner while they await final approval of their tax-exempt status. That is how we’ve been operating all year.
As of the last week in October, FECORE has completed all the forms and requests for information to submit to the IRS for final approval of our 501c3 incorporation and tax-exempt status. We hope the process will be complete in about a month. The actual time depends upon the actions of the IRS.
Under U.S. law, a 501(c)3 can earn money but all earnings must be spent toward the mission of the corporation. None of the board members can be paid for work as a board member. Under the definitions of the IRS for 501(c)3 organizations, FECORE has no other members of the corporation besides the seven members of the executive board. The board positions are president, chairman, secretary, treasurer, and four directors. And, yes, it’s perfectly acceptable to have an individual as the president who is not a US citizen.
In addition to this formal organization, there is an informally organized core of subscribers who donate their time to the work of FECORE. More information on this will be covered in another portion of this month’s newsletter. As an informal group, these people can leave any time they choose. Their work is strictly voluntary and the need for their services can be terminated at any time.