After several months of waiting, Clear Mountain’s steward organization, the CMM Exploratory Foundation, has been granted tax-exempt 501(c)(3) non-profit status by the IRS. As monastics and organizations composed of Sangha members cannot deal with money directly, monasteries frequently create “steward organizations” which manage and distribute funds on behalf of the Sangha. While a larger and more robust legal structure will eventually be created for Clear Mountain, CMM Exploratory Foundation will serve as a temporary non-profit capable of managing the smaller donations involved in the project’s early stages. Its designation as a 501(c)(3) honors donors’ gifts by making them tax-deductible under Federal Tax ID 87-1302838 and giving momentum to the project as a whole. We rejoice in one more step towards Clear Mountain’s dream of creating a home for monastics and a refuge for Dhamma in the area!
Clear Mountains’s Steward Organization Gains Non-Profit Status!
