MARTINSVILLE-HENRY COUNTY ECONOMIC

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A 990 WAS FILED BY THE ORGANIZATION BY THE DUE DATE ON 11/13/18. ADDITIONAL DISCUSIONS WITH PROFESSIONALS INDICATED THAT IT IS MORE LIKELY THAN NOT THAT THE ORGANIZATION COULD NOT MEET THE FACTS AND CIRCUMSTANCES TEST NECESSARY TO NOT BE TREATED AS A PRIVATE FOUNDATION AND THEREFORE SHOULD FILE A 990-PF. UPON THIS FURTHER COUNSEL THE ORGANIZATION UNDERTOOK TO IMMEDIATELY FILE THE 990-PF AS REQUIRED. IT SHOULD BE NOTED THAT AS OF THE DUE DATE OF THE TAX RETURN, THE ORGANIZATION THOUGHT THAT A COMPLETE AND ACCURATE TAX RETURN HAD BEEN FILED, FORM 990, AND THUS NO EXTENSION FOR A 990-PF WAS REQUESTED.AS INDICATED, THE LATE FILING WAS NOT A RESULT OF WILLFUL NEGLECT OR INTENTIONAL DISREGARD. THE ORGANIZATION IS VERY SMALL WITH ONLY A FEW PAID EMPLOYEES HOWEVER, ALL PREVIOUS TAX RETURNS HAVE BEEN FILED TIMELY. THIS YEAR WAS AN UNUSUAL YEAR IN THAT SIGNIFICANT EFFORTS WERE UNDERTAKEN TO SECURE FUNDING FOR THE COMMONWEALTH CROSSING BUSINESS CENTRE IN FURTHERANCE OF THE EXEMPT MISSION. THE ORGANIZATION HAD HIRED A CPA FIRM TO PREPARE ALL FILINGS ON A TIMELY BASIS, HOWEVER, THIS ADDITIONAL TIME REQUIREMENT MADE IT DIFFICULT TO PROPERLY ADDRESS THE PRIVATE FOUNDATION ISSUE UNTIL AFTER THE ORIGINALLY FILED 990 WAS COMPLETE.THE ORGANIZATION HAS PUT IN PLACE ADDITIONAL PROCEDURES TO ENSURE ALL FUTURE TAX FILINGS ARE ADDRESSED IN A TIMELY MANNER TO ENSURE THAT THERE ARE NO FUTURE LATE FILINGS.WE FEEL THAT THE AFORMENTIONED ISSUES ESTABLISHES REASONABLE CAUSE AND WE RESPECTFULLY REQUEST THAT ANY LATE FILING PENALTIES ASSOCIATED WITH THIS 990-PF BE ABATED.

Grant Size Distribution

Based on 10 grants on record

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Grants Awarded (10 total)