We wanted to use today’s post to give a quick update on our progress at DiscoverScholars.org and share our plans for the immediate future.
As we mentioned in one of our first posts, our biggest challenge has been to ensure that donors’ ability to select student attributes does not violate IRS requirements for 501(c)(3) tax-exempt organizations.
At the moment, our application is being reviewed by our legal team, and we anticipate submitting it within the next two weeks. We are confident that our plans for DiscoverScholars.org are consistent with the IRS’s expectations.
Once we obtain 501(c)(3) status, all donations will be retroactively tax deductible. We will begin actively soliciting for donations as soon as our application is in the mail.
On the student side of things, we are working to finalize the DiscoverScholars.org scholarship application. We’ve found a great start-up company called Wufoo that specializes in form-building and storing collected data. When we finish building the application on Wufoo, we’ll be ready to start accepting student applications.
We also plan to add additional content to our social networking websites. Once our donations are tax deductible and student applications are ready to be accepted, these sites will become increasingly important for spreading DiscoverScholars.org to as many people as possible.