WE HAVE NOT BEEN ABLE TO CONFIRM WITH THE IRS BUT WE ARE WORKING UNDER OUR UNDERSTANDING OF THE PRIVATE NOT FOR PROFIT REGULATIONS SET OUT BELOW. IF YOU CAN CLARIFY OR ADD WE PLEASE EMAIL US. SHOULD YOU REQUIRE TO CHANGE YOUR GRANT APPLICATION FOR THE FUNDS YOU HAVE RECEIVED PLEASE EMAIL US AS WE WOULD JUST NEED AN AMENDED APPLICATION PAGE AND IT WILL BE SENT BACK TO YOU.- WE ENDEAVORED AND HAVE PROVIDED GRANTS TO ALL APPLICANTS ESSENTIALLY 45 DAYS EARLIER THAN USUAL. REMEMBER HOPE HAS NOT BEEN CANCELLED AND THE WORK THAT THE PUFFIN WEST
GRANTEE FAMILY DOES IS LIVING PROOF. BE RESOLUTE, BE STRONG, BE SAFE, BE WELL, STAY WELL- JAVA
“Puffin Foundation West, Ltd. hopes that the provided funds will be used successfully. In order for our Foundation to continue its important Mission and stay within the confines of the law, the IRS’ regulation states: “The private foundation must require annual (or more frequent) reports on the use of the funds and the progress made by the grantee toward achieving the purpose for which the grant was made. Upon completion of the project for which the grant was made, the foundation must receive a final report describing the grantee’s accomplishments and accounting for the grant funds received (Regs. Section 53.4945-4 (c)(3)).”
THE FOLLOWING IS RESPECT TO COVID -19 AND IF IT EFFECTS YOUR GRANT APPLICATION
We are all in this together. PFW has not been able to ascertain any verbal INFORMATION/CONFIRMATION from the IRS yet. However, based on the private NFP guidelines please note the following language:
PFW is following @Regs. Section 53.4945-1 “(2) Correction for inadequate reporting. If the expenditure is taxable only because of a failure to obtain a full and complete report as required by section 4945(h)(2) or because of a failure to make a full and detailed report as required by section 4945(h)(3), correction may be accomplished by obtaining or making the report in question. In addition, if the expenditure is taxable only because of a failure to obtain a full and complete report as required by section 4945(h)(2) and an investigation indicates that no grant funds have been diverted to any use not in furtherance of a purpose specified in the grant, correction may be accomplished by exerting all reasonable efforts to obtain the report in question and reporting the failure to the Internal Revenue Service, even though the report is not finally obtained.
– FURTHER: @ “(3) Correction for failure to obtain advance approval. Where an expenditure is taxable under section 4945(d)(3) only because of a failure to obtain advance approval.”
It further states that the grants may not be used or diverted from the original application: “@(3)(i) No grant funds have been diverted to any use not in furtherance of a purpose specified in the grant; (without permission).”
Therefore, PWF needs to know BASED UPON THE IRS REGULATIONS QUOTED ABOVE if your grant awarded project WILL ROLL OVER to next year. IF THAT IS THE CASE, YOUR “FINAL” REPORT BEING THE STATUS OF YOUR 2020 GRANT APPLICATION PROJECT STILL MUST BE IN HAND VIA EMAIL BY DECEMBER 1ST, 2020.
IF YOU ARE HAVE BEEN ABLE TO COMPLETE YOUR PROJECT, PLEASE EMAIL YOUR REPORT TO US. It should include the following:
– Name of your Organization and your EIN/TIN or SS#;
– Your project’s name, the location of the venue and the dates it ran;
– Actual number of participants and number of attendees, audience, viewers, etc.;
– Any changes from your original proposal that the grant award was made for;
– How did it go? Did you accomplish your goals? Were there any unexpected challenges
and, if so, how were they addressed?
– Share a brief story of how your project made an impact on your target audience;
– Attach a JPG (if available) of the project as we often do post final project information because your good work could be inspirational to others.
If YOU ARE UNABLE TO COMPLETE YOUR PROJECT IN 2020, YOUR 2020 FINAL REPORT IS TO ADVISE WHY AND WHAT YOU HAVE DECIDED TO DO ABOUT THE PROJECT. We need you to send in a supplemental application if you have been limited to the amount of people allowed to gather by law or any other aspect related to the COVID -19 restraints/constraints placed upon you. YOU ARE NOT ALLOWED BY MATTER OF LAW TO DIVERT THESE FUND FOR ANY OTHER PURPOSE.
IF YOU FIND OTHER INFORMATION RELATED TO THE ABOVE-CITED REGULATIONS in your own research, it will be welcomed and shared with all those granted projects that are in place to occur over the next 90 days or in annum 2020 that have already been cancelled or will be postponed until 2021.
As PFW EXPECTS its corpus will be greatly diminished by Dec 31,2020, grant awards in 2021 will be significantly less. This is yet another aspect that needs your consideration. WE AE NOT RECALLING 2020 GRANTS AS WE HAVE TO FULFILL OUR QUALIFIED DISTRIBUTION OF 5% OF OUR CORPUS AS OF DECEMBER 31ST, 2019. IF YOU ROLL OVER YOUR PROJECT TO 2021, 2020 GRANT FUNDS MUST BE USED AND A FOLLOW UP REPORT IN THE FIRST QUARTER OF 2021 IS REQUIRED SETTING OUT YOUR PLAN.
Stay Well. Be Well.
