The Pledging Tree Foundation aims to help financially challenged families in local community.
Downingtown, Pennsylvania, August 7, 2007 – The board and officers of The Pledging Tree Foundation are proud to announce that the Internal Revenue Service has granted tax exempt status under section 501(c)(3) to the foundation. The Pledging Tree Foundation (TPTF), incorporated with the State of Delaware, has been gathering much support from the community. Various businesses and individuals have pledged their support to TPTF and its mission.
According to Prerna Singh, a senior at Downingtown High School West and President of The Pledging Tree Foundation,”Gaining tax exempt status from the IRS is an important milestone for The Pledging Tree. It allows us to go out in public and seek sponsorships from organizations that can now donate tax deductible contributions.”
The goal of TPTF is to promote disciplined savings in financially challenged families, while educating them in financial matters through workshops and training seminars. TPTF has collaborated with organizations such as National Endowment for Financial Education (NEFE) to obtain workshop materials on financial mentoring.
The program is based upon a matching system where The Pledging Tree Foundation matches dollar for dollar the contribution made by a family enrolled in the program. Families can contribute any amount and The Pledging Tree will match up to $100/month for one year. Each month, the money will be put in some from of an investment/529/savings account. After the one year, the family will receive all the money that has been saved for any use, such as spending it for college or retirement.
The Foundation plans to open the application process in fall 2007 to all families who have a total household income less than $40,000/year.