IEA Granted Federal Tax Exempt Status

September 28, 2014 | By | Reply More

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The International Energy Alliance is pleased to announce that the United States Internal Revenue Service recently determined the IEA to be exempt from federal income tax under Internal Revenue Code (IRC) Section 501(c)(3).

According to IEA founding member, Andrew Hunter, “This is a major achievement for the IEA. Pursuing nonprofit tax exempt status was not only an excellent learning process for us, but it also really helped the IEA to formalize and refine its goals. Long-term, this will enable us to maintain organizational focus as our efforts grow.”

Hunter comments further, “Federal tax exempt status means that the IEA does not pay federal, state, or local taxes. Donors can deduct contributions they make to the IEA under IRC Section 170. The status also means that the IEA can pursue special grants or government funding on our own, instead of through other government or nonprofit entities, enabling us to be more specific in our activities and in pursuing our goals.”

IEA chairman, George Schoeffel, explains, “Although we have only recently achieved both nonprofit corporate status and federal tax exempt status, and we have not yet filed taxes for this year, it is important to note that the IEA operates entirely from the efforts of volunteers and that no one within the IEA gets a paycheck or any other kind of compensation. This means that the people involved in the IEA are extremely dedicated to the organization’s vision. This is appealing to donors since it means that our overhead is extremely low, and therefore, we can devote a larger portion of our financial resources to achieving our goals.”

The IEA looks forward to expanding its efforts. To receive updates about recent developments for the IEA, simply use the “Subscribe” box at our website.

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I am in my fourth and final year at Saddleback Valley Christian High School, and I have been an IEA member for four years. Originally from China, I have greatly enjoyed my high school learning and am looking forward to matriculating into a challenging college.

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