Exemption For Donations
Adding to its US tax-exempt status, the Cayman Islands National Recovery Fund (CINRF) has announced that it is recognized as a charitable organization by Canadian and UK tax authorities.
This is good news for Canadian and UK donors, as any donations made to the Fund by individuals or corporations can be claimed for tax credits or tax deductions as a result of gifts made to the Cayman Islands Recovery Fund. The Fund becomes only one of 15 organisations located outside of Canada to be recognized as a charitable organization. Recognition as a qualified agency by the Canadian government began with a contribution from the High Commissioner, Canadian High Commission in Kingston, Jamaica.
Earlier this year, the National Recovery Fund Foundation, the US-based entity of the Recovery Fund, announced that it had been granted 501(c) (3) status by the United States Internal Revenue Service, thus making donations to the Fund by American citizens and corporations tax deductible. Attorney-at-law at Appleby Spurling Hunter, Mr. Carlos de Serpa Pimentel spearheaded the work for the Fund with the help of the international law firm, Sidley Austin Brown & Wood.
Section 501 (c) (3) of the US Internal Revenue Code provides for tax exemption for charitable organisations, engaged in charitable 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 National Recovery Fund was established on 23rd September 2004, in the wake of Hurricane Ivan and is a private, independent, charitable trust focused on helping families restore their lives and recover from the devastating effects of the hurricane.
The Fund has been engaged in helping the most vulnerable population - the elderly, disabled, ill, and families with young children - rebuild their homes and lives after Hurricane Ivan.
The Fund relies on donations to carry out its work. In recent months, the operations of the Cayman Islands Development Bank's Housing Recovery Grant, which also assisted repairing homes after Ivan, have been merged with that of the CINRF.
Today the Fund continues to repair and refurnish homes and is also focused on total rebuilds of homes too severely damaged to be repaired.
US tax payers wishing to donate to the Fund should make their cheques payable to the CINRF Foundation. Contributions from all other countries can be paid to the Cayman Islands National Recovery Fund.
All contributions can be mailed to the Cayman Islands National Recovery Fund and mailed to P.O. Box 190 GT with information on the name of the donor (individual or corporation) and full contact details. For additional information, please contact the campaign director at 943-3863.