Donors get tax break on Recovery Fund

Chairman of the Board of Trustees of the National
Recovery Fund, H.E. the Governor, Bruce Dinwiddy
(centre) applauds the work of Carlos de Serpa
Pimente (second left), Attorney-at-Law at Appleby
Spurling Hunter, who assisted in getting the Fund tax
exempt status under the US tax code. Also pictured:
Angela Martins, outgoing Executive Director, Huw
Moses (second right) and Mr. Andrew Jones, the
Fund�s Enforcer.

Monday, June 6, 2005

The Cayman Islands National Recovery Fund has now been granted 501(c) (3) status by the United States tax administrators, which means donations to the Fund by American citizens and corporations are tax deductible.

Attorney-at-law at Appleby Spurling Hunter, Carlos de Serpa Pimentel spearheaded the work of getting the Fund tax-exempt.

Section 501 (c) (3) of the US Internal Revenue Code provides for tax exemption for charitable organisations, engaged in activities such as relief of the poor, the distressed or underprivileged; erection or maintenance of public buildings, monuments or works; combating community deterioration; advancement of education or science and lessening the burdens of government.

The effect of the Section 501(c) (3) exemption is that US donors to the Cayman Islands National Recovery Fund Foundation are entitled to claim a tax deduction from the IRS in respect of their contributions.

The National Recovery Fund was established on 23rd September 2004 following hurricane Ivan. It is an independent Trust whose goal is to relieve persons who were injured, bereaved, rendered homeless, destitute or otherwise affected by the hurricane.

Since then the Fund has worked to provide housing assistance to needy families whose dwellings were damaged or destroyed by Ivan. The fund relies on donations to carry out its work.

Chairman of the Board of Trustees, H.E the Governor Bruce Dinwiddy, welcomed the news of the Fund�s 501 (c) (3) status, noting that it �will open the way for tax exempt donations by US taxpayers, whether personal or corporate.

�This is very helpful to our fundraising efforts with all US taxpayers, whether or not resident in the US,� the Governor said.

He also thanked Appleby Spurling Hunter for its help to the Fund in this matter

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