Dominican Republic Children's Aid Foundation has ANBI status
The tax authorities have granted the foundation ANBI status. This means a tax advantage for both the foundation and its sponsors and donors. The foundation does not have to pay inheritance or gift tax, as long as the money is used for the common good. Donors can deduct their gifts from income or corporate tax.
RSIN number: 850263621
A foundation qualifies for ANBI status if it meets conditions set by the Internal Revenue Service. The main conditions are:
1. The foundation is at least 90% committed to public benefit.
2. The foundation shall be non-profit.
3. The foundation and the people involved in the foundation meet integrity requirements.
4. No one may rule over the foundation’s assets as if they were its own.
5. There is no more equity than is necessary for the work of the foundation.
6. Policymakers receive only an expense allowance, not a salary.
7. The foundation has a current policy plan.
8. The ratio of management costs to expenditures is reasonable.
9. Upon dissolution of the foundation, the remaining balance goes to a similar cause with ANBI status.
10. Administration is in order.
11. Various data, including the annual report and policy plan, are on the website.
A foundation loses its ANBI status if the conditions set by the tax authorities are no longer met. The foundation can also terminate the status itself.
