http://dailyanarchist.com/2013/04/15/fr33-aid-abandons-non-profit-tax-status-in-favor-of-bitcoin/today Fr33 Aid is making the courageous move of declaring their financial independence by willfully and publicly severing their ties with the IRS, forsaking all the banking privileges that entails, and announcing themselves as an entirely bitcoin based organization. As far as I know they are the first charitable organization to do this. I hope you can appreciate how radical this is.
Many organizations seek non-profit recognition from the IRS in an attempt to protect themselves from asset confiscation. In April 2012, Fr33 Aid applied for this privileged status, but since then the process has been nothing but a bureaucratic nightmare. Today Fr33 Aid announced they have abandoned their IRS application and adopted bitcoin as their primary financial instrument.
Fr33 Aid Treasurer, Teresa Warmke said:
“Now that there are ways for us to do banking without government involvement, we decided fulfilling (IRS demands) would not be a responsible way for Fr33 Aid to spend its money nor for our volunteers to spend their time.”
They determined that their attempt to comply with the IRS’s confusing demands was not only unnecessary, but counterproductive to their mission of supporting volunteers who provide first aid and educational services at liberty-oriented events, and demonstrating the value of voluntary mutual aid. By making this bold transition into a bitcoin based organization they will be able circumvent the complex and burdensome requirements of state regulated banks, retain complete control over their assets, and focus entirely on their important mission
I hope you guys can appreciate the magnitude of this. Help to set an amazing precedent by making this initiative successful, donate here: 1Fr33Aidr4gokeCcHHxbnDi8vasKHEaRUm
