CARESTAR Foundation Receives Tax-Exempt Status
Alamo, California – October 1, 2017 – CARESTAR Foundation has passed a key milestone on its operational roadmap by establishing its status as a tax-exempt organization at both the federal and state levels.
The newly formed California nonprofit public benefit corporation requested a Recognition of Exemption from the United States Internal Revenue Service on June 5, 2017, and has received confirmation of its 501(c)(3) tax-exempt status.
This 501(c)(3) recognition has also enabled CARESTAR to establish its tax-exempt status under Section 23701d of the California Revenue and Taxation Code.
Swift achievement of this milestone was essential to ensure timely filing of CARESTAR’s petition to the Superior Court in California, which enabled its funding through a distribution from its predecessor organization, California Shock Trauma Air Rescue (CALSTAR). With its tax-exempt status established, CARESTAR has formalized the guidelines for its own charitable efforts, and begun evaluating initiatives that are candidates for funding.