ICYMI: Crumbling Foundations Captive Achieves Tax-Exempt Status
Today, the Connecticut Foundation Solutions Indemnity Company, Inc. (CFSIC), also known as “the captive insurance company,” released the following announcement following the Internal Revenue Service’s decision to designation CFSIC as a non-profit 501(c)3 organization. The full press release from the captive insurance company and CSFIC Superintendent Michael Maglaras is included below.
ASHFORD, CONNECTICUT (March 20, 2019) – The Superintendent of Connecticut Foundation Solutions Indemnity Company, Inc. (“CFSIC”), the company that has been charged with providing financial assistance to homeowners affected by the crumbling foundations natural disaster, announces that the company has received a determination from the Internal Revenue Service that it is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code.
“Achieving tax-exempt status for CFSIC, as we address the crumbling foundations natural disaster, is particularly gratifying,” said Michael Maglaras, Principal of Michael Maglaras & Company, CFSIC’s Superintendent. “This means that the IRS recognizes the special nature of our mission and the fact that we are using public funds to assist homeowners struggling with this crisis.”
CFSIC launched on January 10, 2019 and already has more than $57 million in asserted claims made by Connecticut homeowners for either assistance in the replacement of their impaired foundations or reimbursement for work already performed to replace or stabilize a crumbling foundation.
“What this means is that CFSIC can literally accept tax-deductible contributions from Connecticut businesses and Connecticut citizens to further its efforts,” indicated Maglaras. “We must recognize the incredible efforts of Congressman Joe Courtney and his staffers Ayanti Grant and Gene Tewksbury, who advocated for us to achieve tax-exempt status from the beginning. Without their strong advocacy, this would have taken significantly longer to accomplish.”