Status and financing

Bulgarian-American Cultural Center Sarasota Florida (short name BACC Sarasota) is a non-profit public charity as per statute 501(c)(3) of the US Tax Code.

The center's activities are funded by donation from the Bulgarian and other communities, membership fees and Language-school dedicated only financing from the Bulgarian government. 

Non-profit public charity status

On November 20th 2012 BACC Sarasota successfully completed its financial audit by IRS, which included review of all activities of the organization, including financial and accounting reporting from its registration as non-profit corporation on August 26th 2009.

The official "Form 990-N e-postcard" reports (filed by non-profits with under $25 000 annual income) can be found at the IRS web page. The registered address and list of the Board of Directors can be found at the page of Florida Department of State - Division of Corporations.

Financing of the BACC's Language School 

Since mid 2012, almost all of the financing of the Bulgarian Language School, part of the center's major activities, is received from the Ministry of Education and Sciences of the Bulgarian government. Detailed financial reports are issued annually to funding institution as well as to the Bulgarian Embassy in Washington, DC.  

Profit and loss statements

2014

2013

Balance sheets

2014

2013

Detailed revenue and expenses for events organized by BACC Sarasota

2013-2015 
(in Bulgarian; the sheets at the bottom represent all events, by date)

Revenue from participation in competitions

2015: Second prize of $1000 in a volunteer's competition organized by the non-profit Gulf Coast Community Foundation

Revenue from fundraising

2015: $550 from fundraising efforts for awarding the Bulgarian language school students