After 3 years of waiting, Shapla Foundation finally gets the 501(c)(3) status from the IRS. What does this mean for sponsors and donors? This means the financial contributions made will be tax deductible.
We are very excited to announce this as this allows us to do fund raising with a promise of tax deduction. Thus far, we haven't done much fund raising and also we haven't promoted the foundation too much because we were waiting for the non-profit status.
More importantly, now the board members are meeting quarterly (since many are in different cities) to discuss strategies, better process, accounting and accountability. The local people in Texas of course are meeting more frequently for operations. We are adding few more layers of checkpoints for the operation in Bangladesh. We want to make sure that the funds going to the children are truely going to the children.
We will be making some changes in our program where the fund allocation may change as well as care taker's compensations. After looking at data for the last 3 years, we feel that we can do more with less. We are hoping the new changes will be better for the children, care taker and the organization. Also, we will make some changes to our site/communications to make our operations more transparent.