[This post continues my ongoing series on the evolution of the Inner Arbor plan for Symphony Woods in downtown Columbia, Maryland; for a list of previous posts see part 7.]
Since the pre-submission meeting [PDF] on December 2, 2013, the Inner Arbor project has been moving forward: First, the Inner Arbor Trust has achieved 501(c)(3) tax-exempt status. This is important for at least three reasons: It means that contributions to the Inner Arbor Trust will be tax-deductible, which may help motivate some individuals and for-profit corporations to provide funding. It may also make it easier for the Inner Arbor Trust to solicit donations from philanthropic foundations: Private foundations don’t care about the tax-deductibility aspect, but foundations typically make grants only to organizations with 501(c)(3) status. Finally, it ensures at least a basic level of financial transparency for the Inner Arbor Trust, since 501(c)(3) organizations must make their Federal tax returns (the so-called Form 990) available for public inspection.
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