March 3, 2016
We will want to raise money over a multi-year period covering the separate phases of this project. We currently have about $2,500 in the Association’s bank account. Our application for IRS classification as a charitable organization to which contributions will be deductible is in process. This application should cost us around $1,000. The members of the Executive Committee of the association will serve as initial directors and officers of the to-be-formed New York State nonprofit corporation. We welcome participation from other interested block residents. While our application is awaiting approval (a matter of a few months), we understand contributions will be deductible. However, we do not anticipate calling for any funds from our membership until we complete further research on all of the issues noted above.