Real Property Transfer Agreement 723 W Wayne - South Bend Heritage Foundation

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- 2 - Southold Heritage 2 a Foundation, Inc. You require that applicants for funds.submit detailed plans for restora- tion of the property. You then inspect the work to insure compliance with the plans and only release funds in such a manner as to insure that funds allocated for a project 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.,' guest speakers, and a walking tour of the historic district. Based on this information, and on the information supplied in your application, and assuming your operation will be as stated above and in your application, we have determined that you are exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code. We have further determined that you are not a private foundation within the meaning of section 509(a) of the Code, because you are an organization described in sections 509(a)(1) and 170(b)(1)(A)(vi) of the Code. • If your sources of support, or your purposes, character, or method of operation change, please let your key district know so that office can consider the effect of the change on your exempt status and founda- tion status. Also, you should inform your key District Director of all changes in your name or address. Generally, you are not liable for social security (FICA) taxes unless you file a waiver of exemption certificate as provided in the Federal Insurance Contributions Act. If you have paid FICA taxes without filing the waiver, you should contact your key District Director. You are not liable for the tax imposed -under the Federal Unemployment Tax Act (FUTA). Since you are not a private foundation, you are not subject to the excise taxes under Chapter 42 of the Code. However, you are not automatically exempt from other Federal excise taxes. If you have questions about excise, employment, or other Federal taxes, contact any Internal Revenue Service office. Donors may deduct contributions to you as provided in section 170 of the Code. Bequests, legacies, devises, transfers, or gifts to you or for your use are deductible for Federal estate and gift tax purposes if they meet the applicable provisions of sections 2055, 2106, and 2522 of the Code.