Why a for-profit, instead of a not-for-profit organization?Many have asked why we have not organized Wasted America as a tax-exempt organization. Our best answer can be found in this quote from the IRS:
"To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities, and it may not participate in any campaign activity for or against political candidates."
We hope to influence Congress, as well as hire talented employees and compensate them generously. Neither is permitted in an organization that receives tax-deductible contributions. |