if you are already set up in DE, you can take advantage of the free in-/out-ACH, web API's, and mass-pay at dwolla (tied to any existing bank account(s) you have now or in the future) and internationally-scoped banking through Citi or some such. i suggested Ally Bank only because they offer free services: in-bound SWIFT, in-/out-bound domestic US wire transfers, and checking. also, their $10 fee for out-bound SWIFT is the lowest i know of for non-analysis (low running-balance) checking acct's.
-- Thank you, Johann v. Preußen On 2016.May.11 14:15, Steve Marquess wrote:
On 05/11/2016 04:56 PM, Johann v. Preußen wrote:i am somewhat surprised your attorneys have not mentioned the most simplistic solution. if the sole purpose for incorporating is to implement banking, there is actually no need to register for an IRS letter. if you satisfy the state regulations and obtain an EIN you are fine. the IRS letter does give safe harbor to donors that the amounts given are federally deductible. of course, to your major donors who provide moneys under grants and/or contracts there is no practical tax-wise difference between "gift" and "business expense". ...State taxation isn't a problem; OpenSSL Software Foundation is incorporated in Delaware which has no tax. U.S. tax deductibility is largely irrelevant to our donors, most of which are outside the U.S.all of that said, there are plenty of examples of open-source org's that are already IRS-recognized under IRC 501(c)(3) such as Software in the Public Interest, Apache, Eclipse Foundation, Open Source Initiative, Linux Foundation, Software Freedom Conservancy, and many more. i have noticed, though, what your attorneys have related to you in that the IRS has recently seemed to turn a blind eye to the "public benefit" clause when it comes to open-source software. this is a trend of just a coupleBingo.of years and turns from the path they had followed for decades in granting acceptance. if someone took the time to copy/edit one of these org's by-laws and submitted to the IRS they would be hard-pressed to deny based on the facts and would have to reveal a decidedly philosophical reason which would be wide open to appeal. naturally, i have no idea if any of this extra effort would yield anything meaningful to openssl. ...Be my guest and go for it, but I do have a good idea if it would yield anything meaningful because I've been working this issue in detail for a couple of years now. Our attorneys (we've checked with several, and with ones experienced with 501(c)) don't see a viable path worth the substantial investment it would cost us. -Steve M.
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