Cardinal Productions has been granted tax-exempt status by the IRS.
“This is great news. Gaining 501c3 status is an official stamp on our commitment to be a fully transparent news organization dedicated to serving the people of Southwest and Southside Virginia by providing them with unbiased, in-depth news,” said Luanne Rife, executive director and chief development officer.
Cardinal Productions, doing business as Cardinal News, was incorporated in Virginia on June 22, 2021 and applied with the IRS to gain tax-exempt status. The IRS designation is retroactive, meaning that taxpayers can claim their gift on their tax returns. Donors will soon receive new receipts advising them of Cardinal’s new status.
With this designation, Cardinal News will benefit from reduced processing fees, be eligible to participate in matching fund programs, and to more easily apply for grants and to meet major donors’ requirements.
“We know some people were waiting for us to hear from the IRS before donating, or increasing their support, so this welcome news should help to assure them of Cardinal’s dedication to its nonprofit mission,” said Caroline Glickman, board president.
Cardinal published its first online edition on Sept. 27. Since then, its donor base has grown from about a dozen to more than 1,000 financial supporters. In the interest of full transparency, Cardinal publishes the names of all donors to its website.
Cardinal is grateful for the support of Mountain Heritage, which stepped up in January to be the organization’s fiscal sponsor, and to Future of the Piedmont, which agreed to take on the role of fiscal agent in order for Cardinal to be eligible for a grant from the Danville Regional Foundation.