December 20, 2002 at 11:31 AM ET
The Leaky Cauldron
Well, not all, but enough of our deposits have cleared that we are set to make our donation to Book Aid International. Right now approximately $24,100 is in our bank account. Of that, roughly $410 was cost - $300 of that will be reimbursed, the other $110 is a personal donation and remains in our total. To make it even, we're leaving $800 in the account for other costs (keeping the bank account open, wiring fees, etc) as well as money for potential accountant/lawyer fees, since we are going to file for our 501(c)(3) status in early 2003 and have to file taxes (and potentially be audited) in April. Right now we are sending $23,000 to Book Aid. When tax season / audit / filing is over, we will close the account and send all remaining money to the charity. Look for more about this soon - once the money is sent it clears up time to finish our donor lists and put letters and such online. Congratulations - and we'll let you know when it's gone through!