As of May 5, 2020, West Virginia Academy, Ltd. has been officially recognized as a public charity by the Internal Revenue Service. This status means that individuals and organizations that donate to West Virginia Academy can take a charitable contribution tax deduction and the organization is exempt from federal income tax under IRC Sec. 501(c)(3). Receiving this approval from the IRS exempts West Virginia Academy from federal income tax and also enables the organization to apply for grants and secure funding to advance its educational mission.
This is an important step in the process for West Virginia Academy to obtain a charter and open a school. The charter application procedure in West Virginia requires that any proposed school at least initiate the application process for becoming a 501(c)(3) entity before submitting for a charter with a County Board of Education. West Virginia Academy has gone above and beyond this requirement by completing that entire approval process with the IRS before charter applications can even be submitted.
Public charity status before the IRS is only achieved by completing a rigorous application process where the IRS scrutinizes the purpose and mission of the organization, its financial projections and accounting processes, as well as its organizational structure and policies. "Receiving this approval so quickly is an indication of the quality and competence of the Board of Governors and especially the fine work that Susan Dull has put forth as our Treasurer," said John Treu, President of West Virginia Academy. "Some have questioned our ability to succeed in this endeavor, but we believe that achieving this important milestone and approval from the IRS is an indication of great things to come for our organization and our community."
West Virginia Academy will seek to establish West Virginia's first charter school to serve residents of Monongalia County and its surrounding areas.
West Virginia Academy, Ltd. is exempt from federal income tax as a public charity under IRC section 501(c)(3). Donors can deduct contributions made to West Virginia Academy under IRC Sec. 170 and the organization is qualified to receive tax deductible bequests, devises, transfers or gifts under IRC sections 2055, 2106, or 2522.
For information on making a charitable contributing to West Virginia Academy, Ltd., please contact us at email@example.com