Real Property Transfer Agreement - 839 SB Ave. – Northeast Neighborhood Revitalization Organization Inc.

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-3- NORTHEAST NEIGHBORHOOD that you exceed the $25, ooo fiLing threshold even if your sources of support,do not satisfy the public support test specified in tire head.ing of this letter. rf a return is reguired, it must be fiLed by the 15Lh day of the fifthmonth after the end of your annual accounting p.ii"oa. a penaity of g2o a dayis charged when a return is filed Iate, unlels-there is reasonable cause forthe delay. Ilowever, the maximum penalty charged cannot exceed. g10,000 or5 percent of your gross receipt,s for the year, whichever is less. Fororganizations with gross receipts exceed.ing $L,000,000 in any year, t,he penalty is $100 per day per return, unLess there is reasonable cause-for the deliy. - The maximum penalty for an organj-zation with gross receipt,s exceed.ing $1,000,000 shalr not exceed gso,oo0. This penalty may also be charg-cl if areturn is not complete. So, please be sure your return is complete before you file iE. You are not regui.red to file federal income tax returns unless you are subject to the tax on unrelated businees income under section 511 of the Code. ff you are subject to t,his tax, you must file an income tax return on Form 990-T, Exempt Organization Business Income Tax Return. In this let,ter we are not determining whether any of your present or proposed acti.vities are unre- l-ated trade or business as defined in section 5i.3 of the code. You are required to make your annual information return, Form 990 or Form 990-EZ, available for public inspection for three years after the later of the due date of the return or the date the return is filed. You are also reguired to make available for public inspection your exemption applicat,ion, any supporting documents, and your exemption letter. copies of these documents are also reguired to be provided to any individual upon written or in person request without charge other than reasonable fees for copying and Postage. You may fulfill this requirement by placing these documents on the rnternet. Penalties may be imposed for failure to comply with these requirement,s. AddiEional information is available in Publication 557, Tax-Exempt status for Your organization, or you may call our t.orr free number shown above. You need an empJ-oyer identification number even if you have no employees. ff an employer identification number was not entered on your apptication, we will assign a number to you and advise you of it. Please use that number on aII returns you file and in all correspondence wit.h E,he fnternal Revenue Service. This determination is based on evidence that your funds are dedicated to the purposes list.ed in section 501(c) (3) of the Code. To asgure your continued exemption, you should keep records to shovr that funds are spent only for t,hose purpoaes. If you distribute funds to ot,her organizations, your records should show whether they are exempt under section 501(c) (3). In cases where tshe recipient organization is not exempt under section 501- (c) (3), you must have evidence that, the funds wilJ. remain dedicated to the required purposes and t,hat Ehe recipient will use the funds for those purposes. If we said in the heading of this letter that an addendum applies, the Letter 1045 (DO/CG)