Cincy Reigns, Inc. is a corporation for non-profit that filed Articles of Incorporation with the Ohio Secretary of State on June 29, 2022. Cincy Reigns, Inc. will soon file Form 1023 — Application for Recognition of Exemption under Section 501(c)(3) of the Internal Revenue Code — in order to verify for the Internal Revenue Service that our organization operates for public, tax-exempt purposes. If the IRS issues a determination letter recognizing the tax-exempt status of Cincy Reigns, Inc., the IRS’s decision would be retroactively effective to our June 2022 formation (See, Rev. Proc. 2021-5, pp. 250ff).
In other words, donations made to Cincy Reigns, Inc. anytime after June 29, 2022 may be tax-deductible, depending (of course) upon the IRS’s determination. We’ll provide donors and stakeholders updates on the progress of Form 1023’s filing, as well as a forecast for when we anticipate receiving the IRS’s response. The IRS receives more than 95,000 applications for tax-exempt status each year, and processing times typically range from three to six months (or occasionally nine to twelve months if application volume swells for any reason).
While across the country a number of organizations formed with similar philanthropic purposes have received tax-exempt recognition, Cincy Reigns, Inc. simply cannot confirm tax-deductibility prior to receiving written notice from the IRS on our exemption. Accordingly, you should consult with your tax advisor to determine whether and when your donation(s) are (or may later be) considered tax-deductible. Given the timing of Cincy Reigns, Inc.’s public launch relative to year end, this is especially important as donors prepare returns for 2022.
In addition to our charitable organization, Cincy Reigns, LLC — an Ohio for profit limited liability company — was also formed. Cincy Reigns, LLC serves as a clearinghouse for generating and brokering marketing and promotional deals between private businesses/organizations and University of Cincinnati student athletes. Because Cincy Reigns, LLC is self-sustaining, all donations provided through this website will be presumed to be intended for Cincy Reigns, Inc., unless a specific written request is made by an individual, business, or organization to the contrary.