By Cynthia de Castro, Asian Journal
ON June 23, The Manny Pacquiao Foundation was officially approved by the United States Internal Revenue Service as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code and designated as a public charity. Donations to the Foundation are tax deductible. The Foundation is organized and operated exclusively to foster, support and transform the health, education and overall social well-being of disadvantaged communities in the Philippines and other countries.
Manny Pacquiao is the Chairman of the Board leading a team of accomplished professionals in the medical, educational, arts and nonprofit sectors with untarnished reputations and volunteer experience under their belts. With his charitable arm up and running with projects slated to launch as early as August 2011, Mr. Pacquiao will likely add one more title under his belt, “World Champion Boxer. Politician. Humanitarian.”
The Foundation has existed since December 8, 2008 as a California nonprofit public benefit corporation. However, its first set of board members and officers deemed it better to receive donations as a donor advised fund under Give2Asia (a public charity based in San Francisco) until the Foundation’s tax-exempt was obtained from the IRS. The Foundation grants, scholarships and fellowships are specifically off limits to relatives and members of the Foundation’s grant selection committee, officers, directors and substantial contributors.
The Foundation plans to launch a 2-year fundraising campaign to support individuals and organizations engaged in charitable work in the Philippines focusing on health care, education and sports. When asked about what’s in store for the Foundation, Milania dela Cruz, its President, stated, “We hope that Manny Pacquiao fans and supporters worldwide will welcome the real Manny Pacquiao Foundation. We will raise more funds and give more resources to help as many Filipinos fight hunger, disease and illiteracy. Charitable work is closest to Manny’s heart. Please, come join us.”
The Foundation’s official website will be launched mid-July 2011. For additional information on the Foundation or donation inquiries, please contact Marsha-laine F. Dungog, Esq. at (213)235-9193 or email: mdungog@hobsondungog.com. Hobson Dungog Bernardino + Davis LLP is US legal counsel to Mr. Pacquiao and general counsel to The Manny Pacquiao Foundation.
Source: asianjournal.com
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