Real Property Transfer Agreement - South Bend Heritage Foundation

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Southold Heritage'Foundati6n, Inc. -2- You require that applicants for funds .submit detailed plans for restora-tion of the property. You then inspect Ehe work to insure coropliance withthe plans and only release funds in such a manner as to insure that fundsallocated for a projecL are being used as intended.. Additional activities which you are involved in are educational in nature. You generate public awareness of historic and architectural significance of the area by sponsoring periodic workshops, open-houses.r.guest speakers, and a walking tour of the historic d.isErict. Based on this informati.on, and on the information suppried inyour application, and assuming your operation Lrill be "= "l"t.a aboveand in your application, we have determined that you aie exempt fromFederal income tax under section 5or(c)(3) of the rnternal Revenue Code. I^Ie have further determined that within the meanl,ng of secrion 509(a) an organization described in sections of the Code. you are not a private foundation of the Code, because you are 509(a)(1) and 170(b)(1)(A)(vi) rf your sources of support, or your purposes, character, or methodof operation change, prease let your key disirict know so Eh;t officecan conslder the effeet of the change on your exempt status and founda-tion status. A1so, you should inform your key Dist.rict Director ofall ehanges ln your name or address. Generally, you are not 1iable for social security (FrcA) taxes unless you file a waiver of exempti.on certificate as provided in the Federal rnsurance contributions Act. rf you have pald. FrcA tax9s without filing the waiver, you shourd contact your key District Dlrector. You are not liable for the tax imposed.under the Federal Unernployuent Tax Act (FUTA). since you are not a private foundation, you are not subject to the excise taxes under chapter 42 of the code. Howeverr you are not automatically exenpt from other Federal excise taxes. rf you have questions about excise, employment, or other Federal Laxes, contact any Internal Revenue Service office. Donors may deduct contributi.ons to you as provided in section 170 of the code. Bequests, legacies, devises, transfers, or gifts Eo you or for your use are deductible for Federal estate ana girt tax purposes if they meet. the applicable provisions of sections 2055, 2106, and 2522 of the Code.