Bubye Valley Conservation Research

“Client Note 1 - The taxpayer is requesting an abatement of the late filing penalties due to reasonable cause.The Bubye Valley Conservancy was incorporated on January 27, 2015. The organization promptly filed it's Federal Form 1023, Application for Recognition of Exemption and heard back from the IRS on May 13, 2015 that it's application had been reviewed and it was exempt from federal taxation. The Bubye Valley Conservancy is a small organization run completely by volunteers who have other jobs outside of the organization. The volunteer treasurer did not realize that an annual tax filing was required. Unfortunately the 2015 and 2016 Form 990s were not timely filed. In October 2016, the organization's bank requested a copy of the Form 990. It was only then that treasurer learned of organization's oversight and that it was not in compliance. To rectify the situation, the treasurer immediately hired a CPA firm to prepare the back tax returns and to get into compliance with all historical filings and future deadlines. Going forward, the organization intends to comply with the law at all times and has taken affirmative action to stay on track with timely filings.Since the taxpayer took corrective measures as soon as the mistake was brought to the treasurer's attention and there was no willful neglect, we are requesting that all late filing penalties be abated.”

“Office Expenses $1796”

“Travel $1530”

“Insurance $71”

“Lion Research $35000”

“Uniforms and Kits $30000”

“Anti-Poaching $10000”

“Outside Services $10000”

“Bank Fee $165”

“Deposit for Dogs - Beginning $0 Deposit for Dogs - Ending $8000”

“Kennels - Beginning $0 Kennels - Ending $5000”