(1) Funding policy
(2) Organizational status
(3) Funding status
(4) Use of proceeds accountability
I Love Israel, Inc. (“ILI”) is an independent, non-political, nonprofit organization. As such, we will never accept any money donation that was not voluntarily given to us by its proper owner/s (the principle of property rights). This means:
- ILI will only accept financial support from individual donors, foundations, and donor-advised trusts
According to IRS rules, now that these two thresholds have been met, all financial contributions that ILI receives over the next 27 months (October 2023) will become tax-deductible, once it is approved as a 501(c)3.
I Love Israel, Inc. is seeking donations to support our educational and charitable activities and to help us achieve Internal Revenue Service recognition as a tax-exempt 501(c)(3) charity. We anticipate, but cannot guarantee, that the IRS will approve our application. Once our application is approved, any contributions made to I Love Israel, Inc. (even contributions made before such approval is received) will be tax-deductible under section 501(c)(3) of the Internal Revenue Code.
As of this writing, September 8, I Love Israel has less than $100 in cash assets. It is hoped that the I Love Israel Seed Capital Crowdfunding Campaign (“ILI-SCCC”), to be unveiled in mid-summer 2021, will provide sufficient resources to enable I Love Israel’s founder, Jon Sutz, to accomplish three key objectives, over an estimated six month period:
(1) To retain the legal and accounting counsel needed to help ensure ILI become an approved 501(c)3, and ensure that operates from day one according to the highest standards of ethics, accountability and transparency
(2) To research and develop the ILI business plan, and related key documents
(3) To research, identify and recruit the first roster of ILI’s executives, advisers, and allies
As indicated in (3), the first funding priority for proceeds of this campaign will be to retain legal and accounting counsel help us set up basic nonprofit management systems, and the ideal means by which to provide donors with the highest degree of transparency that is advisable, during ILI’s first six months.
Assuming ILI secures adequate general funding in response to its business plan and outreach, we will then work out with our legal and accounting counsel the systems by which donors large and small with as much accounting as advisable, regarding:
- How the money they gave us was spent
- The results we are achieving
It is anticipated that use-of-proceed reports will be available to donors on a quarterly basis, unless otherwise advised.
Due to the controversial (more precisely, lie-filled) environment in which ILI will operate, however, additional considerations may limit what internal documentation ILI can and will release to donors (which will invariably end up in the public domain). In conjunction with ILI’s law and accounting firms, we will work to strike a reasonable balance between accountability and security.
Prepared by Jon Sutz. Last updated September 8, 2021.