Coralwood Foundation Non-Profit Status
Coralwood Foundation has been given charitable,
non-profit status by the IRS under Section 501(C)(3), which confers numerous benefits:
It allows all contributors to take tax deductions for their donations. This typically encourages individuals and organizations to give more generously than they would otherwise, because they can deduct the gift from income when they calculate their taxes at the end of the year.
Non-profit status allows employees in firms with matching grant programs to increase their actual donations by having their employers match (and sometimes even double) their contributions.
Because of its non-profit status, Coralwood Foundation does not have to pay taxes to the IRS on its interest income, so that more money can go towards building the endowment and funding programs at Coralwood School.
Non-profit status also allows Coralwood Foundation to apply for grants that only non-profits have access to. This is no small detail: many donors and corporations specify in their by-laws that they can only give money to non-profits. In sum, we would not be able to approach them if we didn't have non-profit status.
If you need a copy of the IRS letter determining our non-profit status, please click on the link below to download both pages.