Lumen Commercii received a letter from the IRS yesterday stating “We’re pleased to tell you we determined you’re exempt from federal income tax under Internal Revenue Code (IRC) Section 501(c)(3). Donors can deduct contributions they make to you under IRC Section 170. You’re also qualified to receive tax deductible bequests, devises, transfers or gifts under Section 2055, 2106 or 2522.” So it’s a single step but big step!
Technology startups backed by venture capital took a hit this week with the collapse of Silicon Valley Bank. SVB is the bank for a full 50% of all VC-backed startups! Now many of those companies are in the position of not being able to get funds needed to expenses, payroll, etc. Please pray, as we will be doing, for all the founders, employees, and families who will be impacted in some way by this crisis.
Just Monday this week I filed for non-profit status from the IRS, the application is pending but our religious orientation should make approval certain. We are working on coming up with ideas for the first conference, which will be either in the US, or in Rome. While Rome is harder logistically it also allows for participants to experience the universal Church and see beautiful sites like St. Peter’s Basilica, perhaps attend a Mass with Pope Read more…