GREAT NEWS! After much discussion with the Internal Revenue Service (“IRS”), ISYFA is proud to announce that it has received a favorable determination from the IRS. They have concluded that our organization is recognized as an Internal Revenue Code (IRC) Section 501(c)(3) organization – commonly referred to as a public charity. In most respects, this is the most favorable of all the tax-exempt statutory possibilities.

What is the significance of being a public charity?
Income tax exemption. As a public charity, the organization is awarded tax-exempt status because of its dedication to charitable or educational purposes for its members and the general public at large. Most similar professional or social organizations (IRC sections 501(c)(6) or (c)(7)), are likewise designated as non-profit organizations although are not awarded the same valuable benefits as ISYFA. It is ISYFA’s dedication to its philanthropic purpose that clearly sets it apart.

Deductibility of contributions. Charitable contributions to ISYFA are tax deductible to the donor. This eligibility to receive tax deductible contributions is a unique and valuable benefit which differentiates ISYFA from the usual professional associations. As a public charity, ISYFA has joined the ranks of organizations which are viewed as dedicating its efforts to aiding and enhancing the common good. The tax-exempt status will assist ISYFA in its fundraising efforts and thus ensuring its growth and expansion.

Public recognition as a catalyst for change. One year ago, it was but a near abstract dream for the founding members of and advisors to the Board to effect positive change among new immigrants, members of our profession and our communities here and abroad. Now, it is official – ISYFA’s mission to unite, educate and empower Filipino professionals in order to mold future leaders and professionals is recognized as a worthy educational and charitable activity.

Unifying and motivational force among the Filipino communities across the nation. Our members are rightly proud to be affiliated with ISYFA and should now be further motivated to recruit additional members who can benefit from or contribute to ISYFA’s cause. ISYFA stands for the unification of all Filipino professionals in finance and accounting. Membership into the ISYFA family furthers its members’ personal and professional development and pursuit of humanitarian goals.

The public charity designation will facilitate ISYFA’s advancement as a vital member of our society standing proud alongside similarly blessed organizations. ISYFA encourages every Filipino professional to unite for positive changes!