Major goals for the Board of Directors include carrying out all requirements for becoming a 501c3 charitable
organization under federal tax law, including establishing a permanent governance structure.
This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules
under the U.S.
federal income
tax laws, including, without limitation, certain former citizens or long - term residents of the United States, partnerships or other pass - through entities, real estate investment trusts, regulated investment companies, «controlled foreign corporations,» «passive foreign investment companies,» corporations that accumulate earnings to avoid U.S.
federal income
tax, banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities, commodities or currencies,
tax - exempt
organizations,
tax - qualified retirement plans, persons subject to the alternative minimum
tax, persons that own, or have owned, actually or constructively, more than 5 % of our common stock and persons holding our common stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy.
Kathryn also advises non-profit
organizations regarding the process for achieving
tax - exempt status
under the Internal Revenue Code and Texas sales and franchise
taxes as well as providing ongoing compliance with
federal tax laws and regulations.