05/01/2006

Army Scholarship Foundation Achieves Final Internal Revenue Service (IRS) Designation as a Public Charity 24 April 2006



On April 7, 2006 the IRS made its final determination that the Army Scholarship Foundation has achieved its exemption from Federal income tax under section 501(c )(3) of the Internal Revenue Code. The IRS has determined that the Army Scholarship Foundation is a public charity, and, as such, all contributions to the Foundation are tax deductible for the donors to the extent allowed by law. This represents a major achievement for the Army Scholarship Foundation.

The IRS examinations for a charity to achieve full tax free status are extremely rigorous and involve a five year provisional period during which the charity operates under interim tax free status while developing its procedures and donor base. Upon completion of the five year probationary period, the IRS conducts a rigorous evaluation of the organization's books and accounting procedures. The Army Scholarship Foundation passed this critical milestone with flying colors, and is now a fully recognized public charity.

The Army Scholarship Foundation was founded in 2001 to provide scholarships to deserving sons and daughters of U.S. Army soldiers and Army veterans, and to spouses of enlisted active duty soldiers. The Foundation is sustained by the generous donations of its supporters. Tax free contributions can be sent to the Foundation at 6412 Brandon Avenue, Springfield, Virginia 22150. To learn more about the Paladin Army Scholarship Foundation or to make a tax free donation, visit www.ArmyScholarshipFoundation.org.