Hypothesis has received its official US IRS 501(c)3 letter of determination, meaning we can enjoy tax-exempt status as a US non-profit corporation. While it’s an administrative detail in support of our larger strategy, it’s a substantial milestone for us and means that we can now accept funds directly without the need for the services of a fiscal sponsor.
Our “determination letter” is a matter of public record, and so we formally provide notice of its availability here.
For those familiar with these matters, you may know that the IRS is suffering under an historic backlog right now. Whereas previously it used to take approximately 3-6 months to process a 1023 application, apparently now it can take closer to two years. We filed for Hypothesis in March of 2012, which works out to about 17 months for our approval. We were not asked for any clarifications, so as far as we know, there were no delays due to questions in our application.