The foundations of Caribbean Coral Restoration
The axiom, “Life starts out simple enough. The trick is to keep it that way.”, is especially true in the formation of a coral restoration nursery. Here’s how we keep our organization accountable and organized.
In order to achieve “permissions” from Panama to do coral restoration, we had to create a business and form a Panamanian Corp. In order to register the corporation, we had to open a Panamanian bank account in the corporate name. In order to open a corporate Panamanian bank account, we had to demonstrate a record of performance for a personal Panamanian bank account. In order to achieve “permissions” it was necessary to show that the new corporation was capable of funding operations as proposed in the “permissions” application.
So while we were creating the necessary Panamanian licensing, management and practical performance corporation, we began the process of applying for professional, long-term, business corporation license in the United States. The purpose of this company was to perpetuate and protect flourishing marine eco-systems. The company was formed, a board of directors was appointed, and by-laws were adopted. The company then applied through the United States Internal Revenue Service for a charity, tax-free status.
Eventually we were granted that distinction with the stipulation that funds generated through any form of public donation would be allocated to the preservation and restoration of marine ecosystems in the greater Caribbean Basin.
The name chosen for the company was Caribbean Coral Restoration Center, Inc. The primary function of the company would be to provide financial sourcing for companies actively achieving restoration and preservation projects in the Caribbean. This would include the Panamanian Company, Ayuda a la Tierra.
We are licensed as a 501(c)3 which means that any private person or entity can participate in the performance of the stated mission of the company through direct monetary donation or the gifting of materials, equipment and property. They may also assist in the organization of funding events.
Generally, these actions to support a charity organization like Caribbean Coral Restoration Center, Inc., have the ability to create a tax deduction for the donor. (Always check with your accountant to verify how this may apply to your individual situation.)
Caribbean Coral Restoration Center, Inc. has a six-member board of directors, at least two of which must be actively involved in fieldwork reflecting the mission statement. The board of directors has two scheduled meetings each year and may call special meetings at any time. All operational and financial procedures are subject to review and approval by the Board of Directors. Financial reports are turned into the treasurer on a monthly basis and are subject to an external audit annually. Annual financial reports as approved by the board of directors are available to the public, as are the corporate structure and by-laws of the company.
Ayuda a La Tierra is the on-site license and labor compliant functionary while Caribbean Coral Restoration Center, Inc. is the financial and performance accountability platform. This dual founding structure insures the perpetuity of the on-site operations and the authenticity and ethics of the financial management. All promotional, media and advertising for any facet of the operation is branded in the name Caribbean Coral Restoration.
Charitable Solicitation Disclosures
Contributions are deductible for federal income tax purposes in accordance with applicable law. Registration in a state does not imply endorsement, approval, or recommendation of the Caribbean Coral Restoration Center, Inc. by the state.
All Organizational Documents such as Articles of Incorporation, bylaws, and conflict of interest policy are available online through the Colorado Secretary of State Website. Our EIN number is 81-2271664.
The Caribbean Coral Restoration Center, Inc. publishes detailed financial summary information as a part of its annual reports, financial reports, and IRS 990 forms.
Financial information about Caribbean Coral Restoration Center, Inc. may be obtained by contacting us at 2525 Arapahoe Ave, Suite E4-167, Boulder, Colorado 80302. For specific details or questions about Caribbean Coral Restoration, Inc. contact firstname.lastname@example.org We will respond to your inquiries within 48 hours.
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