J EPSTBINWRRO/N ISLANDS FOUNDATION stances. See Revenue Ruling 67-246, publiehed in Cumulative Bulletin 1967-2, on page 104, which sets forth guidelines regarding the deductibility, as chari- table contribUtiOns, of payments made by taxpayers for admission. 4o!or other participation in fundraising activities for charity. You are required to tile Form 990-PF, Return of Private Foundation or Section 4947(4)(1) Trust Treated as a Private Foundation. Form 990fPF must be filed by the 15th day of the fifth month after the end of your annual account- ing period. A penalty of $20 a day is charged when a return is filed late, unless iheie is reasonable cause ter the delay. However, the maximum penalty charged cannot exceed $10,000 or 5 percent of-your gross receipts for the year, whichever is less. For organizations with gross receipts exceeding $1,000,000 in any year, the penalty is $100 per day per return, unless there is reasonable cause for the delay. The maximum penalty fer:an organization with great receipts exceeding $1,000,000 shall not -exceed $50,000. This penalty may also be charged if a return is not Complete, so/Please be sure your return is complete before you file it. You are not required to file Federal .incomii4Ftex. return* unless you are subject to the tax on unrelated business;irkCeeunder section 511 of the Code. If you are subject to this tax, you must( Le an income tax return on Form 990-T, tempt Organisation Beninese InconiiITaXletern. In this letter we are not determining whether any. of YO.O.Cpresent or proposed activities are unrelated trade or but:01,8e as defined inThsection 513 of the Code. You ere required to make certelwisturns available for public inspection for three }mare after. the later/Of the due date of the return or the date the return is filed. The returns required to bo made available for public inspection are Form 990-PP, Rettivn of Private Voundatien or Section!4947(a)(1) Nonexempt Charitable Trust IXeatod-a