We are pleased to announce the formal creation of our SBP OnGuard Foundation which would provide funding to designated associates in the event of a declared natural disaster with contributions and distributions compliant under 501 (c) (3) of the Internal Revenue Code. The process would allow all contributions to go to individuals affected without income tax consequences and allow donors to deduct contributions for tax purposes.
In an effort to keep administration expenses to a minimum and meeting all non-profit, non-stock corporation mandates, our company will accrue for funding into the account and in the event of such a declared natural disaster, fund the account and open the Foundation for outside contributions to be made and promptly distributed to those in need.
The outpouring of support for our associates adversely affected by Hurricane Harvey in Houston provided the impetus for this SBP OnGuard Foundation.
Thank you very much for the support of those in need.
Donald S. Fritzinger