Monday, June 13, 2011

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Charitable Financial Status, Oy Vey

The United States Tax Authority, the IRS (Internal Revenue Service) published a list today of over 275,000 registered charitable organizations in the United States that had their charitable status revoked as of today for failing to file a required annual financial document for 3 years in a row.

Our research shows at least 200 orthodox Jewish organizations are on the list, which also includes 18 Chabad Houses and numerous “Friends of” Jewish organizations that are legally permitted U.S. organizations that partner with or act as the U.S. arm of Jewish charities in Israel.

The “required annual financial document” does need the services of an accountant but does not require the charitable organization to pay any taxes or fees to the government.

The IRS says “it believes the majority of these organizations are defunct”, meaning they simply closed down.

We believe a particular economic way of life is coming to an end in the U.S., and a bunch of organizations need to wake up and smell the coffee.

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