A new chapter has begun for Signature Health! You may not have noticed but a fundamental structural change occurred this past week. We finally completed our most grueling stage of transformation and we are now on file with the Secretary of State as a non-profit organization.
I know many of our team members have been waiting with anticipation for this change so they can now qualify for student loan forgiveness by working for a non-profit. The community has been waiting as well. I had the chance to tell a few key community leaders and we have already received best wishes and congratulations from those that learned that this phase of our transformation is complete.
Now that we have come out of the cocoon it is time to spread and dry out our wings. Next we must apply for 501(c)(3) recognition from the IRS. This is the final phase of the transformation. I really have no idea how long the next phase will take because it is really up to the IRS. We will have our application submitted within the next six weeks. I am told the IRS review will likely take six months. Fortunately, once they grant our 501(c)(3) recognition it should be retroactive to our conversion on June 1st, 2016.
Although this has been a long arduous process it was critical to our long term success. Signature is now positioned to become and FQHC, take advantage of grant opportunities, and we are ready for broader partnerships and affiliations.