501c3 Non-Profit Status
We are extremely pleased to be able to announce that that Recovery Agents Benefits Fund has finally received its approval for 501c3 status from the IRS; meaning that all donations to the fund are now fully tax deductible as charitable contributions. We are very proud of this accomplishment not only because it is the first of its kind for the repossession industry, but because the IRS has recognized the funds importance by approving its 501c3 non-profit status.
RABF was initially funded exclusively as a result of donations made to a specific individual's fund. In recent months, some agencies have been contributing small amounts on a regular basis regardless of an open fund, in order to have funds available on an immediate basis when needed.
We are hoping now that the 501c3 status has been approved that others within the industry including vendors who provide goods and services, as well as industry trade organizations will seize the opportunity not only to claim the tax deduction but also more actively participate in the fund's growth. After all, industry trade organizations are established to benefit their members and the industry and none of us know when you or your family member may need the services of the fund.
In a time when repossessors are often called upon to go head first into hostile situations and at a time when the turbulent economic times are pushing consumers to their financial and mental limits; this fund is more important than ever. Repossession agency owners struggle with the ability to meet their day to day financial obligations and often fall short in their ability to find affordable workers compensation rates and to provide health and life insurance benefits. This fund is a way to help within the industry and regular contributions are a way to make sure that the fund is able to respond when called upon; and now those contributions are tax deductible!