What is an advance ruling period and what are we required to do?
An organization normally may be granted an advance ruling period of five taxable years, allowing it to operate as a public charity rather than as a private foundation. Ninety days after the end of the advanced ruling period, the organization may submit Form 8734 (Support Schedule for Advance Ruling Period). Failure to submit Form 8734 results in the organization automatically being reclassified as a private foundation required to file Form 990PF.
