TY 2010 Form 990EZ

- TIN:

Form990-EZ
Click to see list of attachments

Department of the Treasury
Internal Revenue Service

Short Form
Return of Organization Exempt From Income Tax

Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code
(except black lung benefit trust or private foundation)

Sponsoring organizations of donor advised funds, organizations that operate one or more hospital facilities, and certain controlling organizations as defined in section 512(b)(13) must file Form 990 (see instructions).
All other organizations with gross receipts less than $200,000 and total assets less than $500,000 at the end of the year may use this form.

The organization may have to use a copy of this return to satisfy state reporting requirements.

OMB No. 1545-1150

2010

Open to Public
Inspection

For the 2010 calendar year, or tax year beginning 10-01-2010, and ending 09-30-2011

Check if applicable:

Address change

Name change

Initial return

Terminated

Amended return

Application pending

C Name of organization
DAILY SOURCE LIMITED

Number and street (or P. O. box, if mail is not delivered to street address)15 Main Street Suite 208
Room/suite

City or town, state or country, and ZIP + 4 Watertown, MA02472

D Employer identification number

83-0374559

E Telephone number

(617) 459-7709

F Group Exemption
Number. . bullet

G Accounting method: CashAccrualOther (specify) bullet

H Check bullet

required to attach Schedule B
(Form 990, 990-EZ, or 990-PF).I Website: bullet

www.dailysource.orgJ Tax-Exempt status(check only one)501(c)(3) Click to see attachment

501(c)( ) bullet

(insert no.) 4947(a)(1) or 527

K Check

if the organization is not a section 509(a)(3) supporting organization and its gross receipts are normally not more than $50,000. A Form 990-EZ or Form 990 return is not required though Form 990-N (e-postcard) may be required (see instructions). But if the organization chooses to file a return, be sure to file a complete return.

L Add lines 5b, 6c, and 7b, to line 9 to determine gross receipts; If gross receipts are $200,000 or more, or if total assets (Part II, line 25, column (B) below) are $500,000 or more, file Form 990 instead of Form 990-EZ.. . bullet

$ 134,993


1	Contributions, gifts, grants, and similar amounts received . . . . . . . . .			1	134,477
2	Program service revenue including government fees and contracts . . . . . . .			2	0
3	Membership dues and assessments . . . . . . . . . . . . . .			3	0
4	Investment income . . . . . . . . . . . . . . . . . .			4	0
5a	Gross amount from sale of assets other than inventory . . . .	5a	516
b	Less: cost or other basis and sales expenses . .	5b	183
c	Gain or (loss) from sale of assets other than inventory (Subtract line 5b from line 5a) . .			5c	333
6	Gaming and fundraising events
a	Gross income from gaming (attach Schedule G if greater than $15,000)	6a	0
b	Gross income from fundraising events (not including $ 0 of contributions from fundraising events reported on line 1) (attach Schedule G if the sum of such gross income and contributions exceed $15,000) . . . . . . .
c	Less: direct expenses from gaming and fundraising events . . .	6c	0
d	Net income or (loss) from gaming and fundraising events (Add lines 6a and 6b and subtract line 6c)			6d	0
7a	Gross sales of inventory, less returns and allowances . . . .	7a	0
b	Less: cost of goods sold . . . . . . . . . .	7b	0
c	Gross profit or (loss) from sales of inventory (Subtract line 7b from line 7a) . . . . . .			7c	0
8	Other revenue (describe in Schedule O) . . . . . . . . .			8	0
9	Total revenue. Add lines 1, 2, 3, 4, 5c, 6d, 7c, and 8 . . . . . . . . .			9	134,810
10	Grants and similar amounts paid (list in Schedule O) . . . . . . . .			10	0
11	Benefits paid to or for members . . . . . . . . . . . . . . .			11	0
12	Salaries, other compensation, and employee benefits . . . . . . . . . . .			12	59,071
13	Professional fees and other payments to independent contractors . . . . . . . .			13	64,067
14	Occupancy, rent, utilities, and maintenance . . . . . . . . . . . . .			14	2,128
15	Printing, publications, postage, and shipping . . . . . . . . . . . .			15	241
16	Other expenses (describe in Schedule O) . . . . . . . . . .			16	8,986
17	Total expenses. Add lines 10 through 16 . . . . . . . . . . . .			17	134,493
18	Excess or (deficit) for the year (Subtract line 17 from line 9) . . . . . . . . .			18	317
19	Net assets or fund balances at beginning of year (from line 27, column (A)) (must agree with
	end-of-year figure reported on prior year’s return) . . . . . . . . . . .			19	5,419
20	Other changes in net assets or fund balances (explain in Schedule O) . . . . . . .			20	0
21	Net assets or fund balances at end of year. Combine lines 18 through 20 . . . . .			21	5,736

Part IIBalance Sheets Check if the organization used Schedule O to respond to any question in this Part II. . . . . . . . .

(See the instructions for Part II.)(A) Beginning of year(B) End of year

22Cash, savings, and investments . . . . . . . . . .

5,766

628

23Land and buildings . . . . . . . . . . . . .

24Other assets (describe in Schedule O) . . . . . .

10,903

32,281

25Total assets . . . . . . . . . . . . . .

16,669

32,909

Total liabilities (describe in Schedule O) . . . . .

11,250

27,173

27Net assets or fund balances (line 27 of column (B) must agree with line 21) .

5,419

5,736

For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 10642I Form 990-EZ (2010)

Form 990-EZ (2010)

Page 2

Part IIIStatement of Program Service Accomplishments Check if the organization used Schedule O to respond to any question in this Part III .	Expenses (Required for section 501(c)(3) and 501(c)(4) organizations and section 4947(a)(1) trusts; optional for others.)
What is the organization's primary exempt purpose? Bringing high quality news and information from across the Internet to the public 24 hours a day, 365 days a year in order to educate the public and improve our country and our world.
Describe what was achieved in carrying out the organization's exempt purposes. In a clear and concise manner, describe the services provided, the number of persons benefited, and other relevant information for each program title.
28 Publishing: Published an estimated 30 editions on average per day of a daily news site, which is published 24 hours a day, 365 days of the year at DailySource.org covering various topic areas such as international, national, nonprofits, philanthropy, science, the environment, health, education, religion, and the arts. Each edition included numerous news stories, features, columns, photos, audio clips, videos and live chats. The site ended the year with over 2,938 registered users, which represents only a fraction of the total users, as 99% of users do not register. Registration and use of the site is free. We also posted all of our items to 3 different profiles on Twitter, and had over 75,000 ongoing users registered to follow our posts there. Our nonprofit had more than 140 volunteers contribute more than 32,500 volunteer hours during the year. (10,950 estimated editions published in the year) (Grants $ 0) If this amount includes foreign grants, check here ...			28a	118,802
29 (Grants $ ) If this amount includes foreign grants, check here ...			29a
30 (Grants $ ) If this amount includes foreign grants, check here ...			30a
31 Other program services (describe in Schedule O) . . . . . . . . . . . . (Grants $ ) If this amount includes foreign grants, check here...	31a
32 Total program service expenses (add lines 28a through 31a) . . . . . . . . .	32	118,802

Part IVList of Officers, Directors, Trustees, and Key Employees. List each one even if not compensated. (See the instructions for Part IV.) Check if the organization used Schedule O to respond to any question in this Part IV . . . . . . . .

(a) Name and address	(b) Title and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-.)	(d) Contributions to employee benefit plans & deferred compensation
Michael Kolar 1186 East Ivy Avenue St Paul,MN55106	Board Member0	0
Walter T Regan 40988 Redwing Song Lane Lovettsville,VA20180	Board Member0	0
Amy Luchans 16 Sandra Drive Framingham,MA01701	Board Member0	0
Ellen Ferrante 4 Waring Circle Worcester,MA01609	Board Member0	0
Peter H Dunn 3327 Jaffa Dr Sarasota,FL34239	Director and Executive Director (All pay is related to work as Executive Director)55	20,263	1,717

Form 990-EZ (2010)

Page 3

Part VOther Information(Note the statement requirements in the instructions for Part V.)YesNo Check if the organization used Schedule O to respond to any question in this Part V . . . .

Did the organization engage in any activity not previously reported to the IRS? If "Yes," provide a detailed description of each activity in Schedule O ..............

Were any significant changes made to the organizing or governing documents? If "Yes," attach a conformed copy of the amended documents if they reflect a change to the organization’s name. Otherwise, explain the change on Schedule O (see instructions). ...................

If the organization had income from business activities, such as those reported on lines 2, 6a, and 7a (among others), but not reported on Form 990-T, explain in Schedule O why the organization did not report the income on Form 990-T. ........................

Did the organization have unrelated business gross income of $1,000 or more or was it a section 501(c)(4), 501(c)(5), or 501(c)(6) organization subject to section 6033(e) notice, reporting, and proxy tax requirements?

35a

If "Yes," has it filed a tax return on Form 990-T for this year? (see instructions) ........

35b

Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? If “Yes,” complete applicable parts of Schedule N .............

37a

Enter amount of political expenditures, direct or indirect, as described in the instructions. bullet

37a

Did the organization file Form 1120-POL for this year? ...............

37b

38a

Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were

any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?

38a

If “Yes,” complete Schedule L, Part II and enter the total amount involved .

38b

Section 501(c)(7) organizations. Enter:

Initiation fees and capital contributions included on line 9 ......

39a

Gross receipts, included on line 9, for public use of club facilities ....

39b

40a

Section 501(c)(3) organizations. Enter amount of tax imposed on the organization during the year under:

section 4911 bullet

0 ; section 4912 bullet

0 ; section 4955 bullet

Section 501(c)(3) and 501(c)(4) organizations. Did the organization engage in any section 4958 excess benefit transaction during the year or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ? If “Yes,” complete Schedule L, Part I. ....

40b

Section 501(c)(3) and 501(c)(4) organizations. Enter amount of tax imposed on organization managers or disqualified persons during the year under sections 4912, 4955, and 4958 .. bullet

Section 501(c)(3) and 501(c)(4) organizations. Enter amount of tax on line 40c reimbursed by the organization ................... bullet

All organizations. At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? If "Yes," complete Form 8886-T. .................

40e

41List the states with which a copy of this return is filed. bullet

42aThe organization's books are in care of bullet

The Daily Source Limited Telephone no. bullet

(617) 459-7709

Located at bullet

3800 South Tamiami Trail
Suite 321
Sarasota,FL ZIP + 4 bullet

34239

At any time during the calendar year, did the organization have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account)?

Yes

42b

If “Yes,” enter the name of the foreign country: bullet

See the instructions for exceptions and filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts.

At any time during the calendar year, did the organization maintain an office outside of the U.S.?

42c

If “Yes,” enter the name of the foreign country: bullet

43 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-EZ in lieu of Form 1041Check here ....... bullet

and enter the amount of tax-exempt interest received or accrued during the tax year . . . bullet

44a

Did the organization maintain any donor advised funds? If "Yes", Form 990 must be completed instead of

Yes

Form 990-EZ.. . . . . . . . . . . . . . . . . . . .

44a

Did the organization operate one or more hospital facilities during the year? If ‘Yes,’ Form 990 must be completed instead of Form990-EZ. . . . . . . . .

44b

Did the organization receive any payments for indoor tanning services during the year? . . . . . . .

44c

If 'Yes' to line 44c, has the organization filed a Form 720 to report these payments? If ‘No,’ provide an explanation in Schedule O. . . . . . . . .

44d

Is any related organization a controlled entity of the organization within the meaning of section 512(b)(13)? If ‘Yes,’ Form 990 and Schedule R must be completed instead of Form990-EZ. . . . . . . . .

45a

Did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If ‘Yes,’ Form 990 and Schedule R must be completed instead of Form990-EZ. .

45a

Did the organization engage, directly or indirectly, in political campaign activities on behalf of or in opposition to candidates for public office? If “Yes,” complete Schedule C, Part I. . . . . . . . . .

Form 990-EZ (2010)

Page 4

Part VI

Section 501(c)(3) organizations and section 4947(a)(1) nonexempt charitable trusts only. All section 501(c)(3) organizations and section 4947(a)(1) nonexempt charitable trusts must answer questions 47-49b and 52. Check if the organization used Schedule O to respond to any question in this Part VI . . . . . . . .

Yes

Did the organization engage in lobbying activities? If "Yes," complete Schedule C, Part II . . . .

Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E . . .

49a

Did the organization make any transfers to an exempt non-charitable related organization? . . . .

49a

If "Yes," was the related organization a section 527 organization? . . . . . . . . .

49b

Complete this table for the organization's five highest compensated employees (other than officers, directors, trustees and key employees) who each received more than $100,000 of compensation from the organization. If there is none, enter "None."

(a) Name and address of each employee paid more than $100,000	(b) Title and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans & deferred compensation	(e) Expense account and other allowances
NONE

50(f)

Total number of other employees paid over $100,000 . . . . . . . . . . . . . bullet

Complete this table for the organization's five highest compensated independent contractors who each received more than $100,000 of compensation from the organization. If there is none, enter "None."

(a) Name and address of each independent contractor paid more than $100,000	(b) Type of service	(c) Compensation
NONE

51(d)

Total number of other independent contractors each receiving over $100,000 . . . . . . . bullet

Did the organization complete Schedule A? NOTE: All Section 501(c)(3) organizations and 4947(a)(1) nonexempt charitable trusts must attach a completed Schedule A .................... Yes No

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.

Sign Here

	Signature of officer	Date

	Type or print name and title

Paid Preparer's Use Only	Preparer's signature	Date	Check if self- employed	Preparer’s taxpayer identification number (See instructions)
	Firm’s name (or yours if self-employed), address, and ZIP + 4			EIN
				Phone no.

May the IRS discuss this return with the preparer shown above? See instructions ......... bullet

YesNo

Form 990-EZ (2010)

Additional Data

Software ID:	10000077
Software Version:	v1.00

Form 990-EZ, Special Condition Description:

Special Condition Description

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.

Attach to Form 990 or Form 990-EZ. right arrow

See separate instructions.

OMB No. 1545-0047

2010

Open to Public
Inspection

Name of the organization

DAILY SOURCE LIMITED

Employer identification number

83-0374559

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions

The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)

A church, convention of churches, or association of churches. section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E.)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in

section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in

section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross

receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of

its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses

acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. Seesection 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box that describes the type of supporting organization and complete lines 11e through 11h.

Type I

Type II

Type III - Functionally integrated

Type III - Other

By checking this box, I certify that the organization is not controlled directly or indirectly by one or more disqualified persons other than foundation managers and other than one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2).

If the organization received a written determination from the IRS that it is a Type I, Type II or Type III supporting organization, check this box ..................................................

Since August 17, 2006, has the organization accepted any gift or contribution from any of the
following persons?

(i) a person who directly or indirectly controls, either alone or together with persons described in (ii)

Yes

and (iii) below, the governing body of the the supported organization? ................

11g(i)

(ii) a family member of a person described in (i) above? ......................

11g(ii)

(iii) a 35% controlled entity of a person described in (i) or (ii) above? ................

11g(iii)

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iv) Is the organization in col. (i) listed in your governing document?		(v) Did you notify the organization in col. (i) of your support?		(vi) Is the organization in col. (i) organized in the U.S.?		(vii) Amount of support?
(i) Name of supported organization	(ii) EIN	Yes	No	Yes	No	Yes	No	(vii) Amount of support?


Total

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2010

Page 2

Part II

Support Schedule for Organizations Described in IRC 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year(or fiscal year beginning in)		(a) 2006	(b) 2007	(c) 2008	(d) 2009	(e) 2010	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....	98,109	115,301	143,191	157,876	134,477	648,954
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......	0					0
3	The value of services or facilities furnished by a governmental unit to the organization without charge..	0					0
4	Total. Add lines 1 through 3..	98,109	115,301	143,191	157,876	134,477	648,954
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..						571,564
6	Public Support. Subtract line 5 from line 4.						77,390

Section B. Total Support

Calendar year(or fiscal year beginning in)		(a) 2006	(b) 2007	(c) 2008	(d) 2009	(e) 2010	(f) Total
7	Amounts from line 4..	98,109	115,301	143,191	157,876	134,477	648,954
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. (Explain in Part IV.) Do not include gain or loss from the sale of capital assets..	0					0
11	Total support (Add lines 7 through 10).						648,954

Gross receipts from related activities, etc. (See instructions.) ..................

First Five Years If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization,
check this box and stop here.......................................... right arrow

Section C. Computation of Public Support Percentage

Public Support Percentage for 2010 (line 6 column (f) divided by line 11 column (f)) .........

11.925 %

Public Support Percentage for 2009 Schedule A, Part II, line 14 ...............

12.02 %

16a

33 1/3% support test—2010. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ...................... right arrow

33 1/3% support test—2009. If the organization did not check the box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2010. If the organization did not check a box on line 13, 16a, or 16b and line 14
is 10% or more, and if the organization meets the "facts and circumstances" test, check this box and stop here. Explain
in Part IV how the organization meets the "facts and circumstances" test. The organization qualifies as a publicly supported
organization .................................................. right arrow

10%-facts-and-circumstances test—2009. If the organization did not check a box on line 13, 16a, 16b, or 17a and line
15 is 10% or more, and if the organization meets the "facts and circumstances" test, check this box and stop here.
Explain in Part IV how the organization meets the "facts and circumstances" test. The organization qualifies as a publicly
supported organization .............................................. right arrow

Private Foundation If the organization did not check a box on line 13, 16a, 16b, 17a or 17b, check this box and see
instructions ................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2010

Page 3

Part III

Support Schedule for Organizations Described in IRC 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year(or fiscal year beginning in)		(a) 2006	(b) 2007	(c) 2008	(d) 2009	(e) 2010	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......
3	Gross receipts from activities that are not an unrelated trade or business under section 513..
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge..
6	Total. Add lines 1 through 5.
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons...
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public Support (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2006	(b) 2007	(c) 2008	(d) 2009	(e) 2010	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)
13	Total support (Add lines 9, 10c, 11 and 12.).

Section C. Computation of Public Support Percentage

Public Support Percentage for 2010 (line 8 column (f) divided by line 13 column (f)) .........

Public support percentage from 2009 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2010 (line 10c column (f) divided by line 13 column (f)) ......

Investment income percentage from 2009 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests—2010. If the organization did not check the box on line 14, and line 15 is more than 33 1/3% and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .......... right arrow

33 1/3% support tests—2009. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private Foundation If the organization did not check a box on line 14, 19a or 19b, check this box and see instructions ..... right arrow

Schedule A (Form 990 or 990-EZ) 2010

Page 4

Part IV

Supplemental Information. Supplemental Information. Complete this part to provide the explanation required by Part II, line 10; Part II, line 17a or 17b; or Part III, line 12. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test
Our nonprofit organization meets the facts and circumstances test for the following reasons. The service that we're using to Efile does not allow line returns so we've used capital letters to separate the sections of text to make it easier to read. A) Our mission is to bring high quality news and information from across the Internet to the public 24 hours a day, 365 days a year in order to educate the public, and improve our country and our world. On average we publish 30 editions a day, covering various topic areas such as health, education, nonprofits, philanthropy, world affairs, national affairs, science, business, and the arts. Each edition includes numerous news stories, features, columns, photos, audio clips, videos and live chats. We have never missed a single day. B) Our service appeals to a wide swath of the public, and is not limited to a particular community or region. C) Our Web site is entirely free of charge to the public. We do not charge for its use or for registering. In addition, all of our past editions are made available to the public online for free on a continuous basis in our news archives section. Nearly all of our site is accessible without registering. The other small portion is accessible for free for any person from the public who wants to spend 1 minute registering. The only reason registration is needed is that a user account is needed so their preferences on the site can be used. D) In IRS Year 2007, we had over 100 volunteers donate a total of 18,211 volunteer hours. The nonprofit association Independent Sector provides national rates for the value of services from volunteers that it updates annually from Bureau of Labor Statics data. For calendar year 2008, they estimate the dollar value of volunteer time is $20.25 per hour. http://www.independentsector.org/programs/research/volunteer_time.html Their number comes from the Bureau of Labor Statics average wage figure increased by 12 percent to estimate for fringe benefits. Based on their recommended figure, volunteers gave us $368,777.47 in support in IRS year 2007 (our Fiscal Year ending Sept. 30, 2008). The IRS rules do not allow us to list that on the chart, yet it is support from the public. Counting it along with our $115,301 in monetary support for IRS year 2007 would put our public support at 76% even without factoring in donations under the 2% threshold. With donations under the 2% threshold included, it's over 76%. In IRS Year 2008, we had over 120 volunteers donate 25,326.36 hours, which using the Independent Sector suggestion, is $512,858.79 in support. Even if a much lower figure like $15 an hour is used, it still is $379,895.40. The Independent Sector estimates the value of 2009 at $20.85 an hour. In IRS year 2009, we had over 160 volunteers donate 36,365.51 hours. Using the Independent Sector figure, this is $758,220.88 in support from the public. In IRS year 2010, we had about 140 volunteers donate 32,500 hours. Using the Independent Sector figure of $21.36 an hour, this is $694,200 in support from the public. If this counted towards support, 84% of our support comes from the public, even without factoring in donations under the 2% threshold. Even if a much lower figure like $15 an hour is used, it is still 487,500 in the most recent year of volunteer support, which represents 78% of total support E) Our board is a mix of men and women from different states and different work backgrounds who represent a broad cross-section of public interests and views. Board member Peter Dunn is a journalist and former small business owner who has volunteered for numerous nonprofits. He is located in Florida. Board member Amy Luchans is Associate Director of Alumni Relations at Brandeis University in Waltham, Massachusetts and was assistant director of student activities at another college. Board member Walter Regan was formerly the Executive Director of the Online News Association, and worked for National Public Radio. He is located in Virginia. Board Member Ellen Ferrante is president of a health-care company and serves on the boards of CASA Worcester County, a nonprofit in Massachusetts, and Salve Regina University in Rhode Island. Board member Michael Kolar is a coach based in St. Paul, Minnesota. F) Our nonprofit has an ongoing fund-raising program, and we have received support from 34 different sources in the last 5 years. This includes from individuals, foundations and corporations, including Bank of America and Microsoft. Our donations that come from individuals come from a broad cross-section of people young and old, and have ranged from $5 to $25,000. As we have become better known, our support has grown. Of the sources, 24 were new in the last two years. We meet one-on-one with potential donors, we apply for grants with foundations and corporations, and we have a section on our Web site on a continuous basis encouraging people to donate. We send out an annual appeal and now have a list of over 300 people we will send our next appeal to. In addition, we have set up a module on our Web site that will allow donors to make recurring donations either quarterly or annually. G) People with significant expertise in our field participate in creating our editions for the public each day. This includes Carla Baranauckas who worked for 21 years at the New York Times, where she supervised editors and reporters in the department responsible for the front page of the Times website, and was the deputy copy chief for the national news. She is currently a professor at the Columbia University School of Journalism, where she teaches journalism to graduate students, and trains instructors for the school. It also includes Lynne Adams who was in charge of a team of 30 journalists covering breaking news, international and national stories for the BBC. She also ran mulitmedia training workshops for BBC's journalists. To see more people who participate, feel free to visit the "Our Team" page on our site. H) We have no advertisements or commercial activity. We have no unrelated business income.

Facts And Circumstances Test

Our nonprofit organization meets the facts and circumstances test for the following reasons. The service that we're using to Efile does not allow line returns so we've used capital letters to separate the sections of text to make it easier to read. A) Our mission is to bring high quality news and information from across the Internet to the public 24 hours a day, 365 days a year in order to educate the public, and improve our country and our world. On average we publish 30 editions a day, covering various topic areas such as health, education, nonprofits, philanthropy, world affairs, national affairs, science, business, and the arts. Each edition includes numerous news stories, features, columns, photos, audio clips, videos and live chats. We have never missed a single day. B) Our service appeals to a wide swath of the public, and is not limited to a particular community or region. C) Our Web site is entirely free of charge to the public. We do not charge for its use or for registering. In addition, all of our past editions are made available to the public online for free on a continuous basis in our news archives section. Nearly all of our site is accessible without registering. The other small portion is accessible for free for any person from the public who wants to spend 1 minute registering. The only reason registration is needed is that a user account is needed so their preferences on the site can be used. D) In IRS Year 2007, we had over 100 volunteers donate a total of 18,211 volunteer hours. The nonprofit association Independent Sector provides national rates for the value of services from volunteers that it updates annually from Bureau of Labor Statics data. For calendar year 2008, they estimate the dollar value of volunteer time is $20.25 per hour. http://www.independentsector.org/programs/research/volunteer_time.html Their number comes from the Bureau of Labor Statics average wage figure increased by 12 percent to estimate for fringe benefits. Based on their recommended figure, volunteers gave us $368,777.47 in support in IRS year 2007 (our Fiscal Year ending Sept. 30, 2008). The IRS rules do not allow us to list that on the chart, yet it is support from the public. Counting it along with our $115,301 in monetary support for IRS year 2007 would put our public support at 76% even without factoring in donations under the 2% threshold. With donations under the 2% threshold included, it's over 76%. In IRS Year 2008, we had over 120 volunteers donate 25,326.36 hours, which using the Independent Sector suggestion, is $512,858.79 in support. Even if a much lower figure like $15 an hour is used, it still is $379,895.40. The Independent Sector estimates the value of 2009 at $20.85 an hour. In IRS year 2009, we had over 160 volunteers donate 36,365.51 hours. Using the Independent Sector figure, this is $758,220.88 in support from the public. In IRS year 2010, we had about 140 volunteers donate 32,500 hours. Using the Independent Sector figure of $21.36 an hour, this is $694,200 in support from the public. If this counted towards support, 84% of our support comes from the public, even without factoring in donations under the 2% threshold. Even if a much lower figure like $15 an hour is used, it is still 487,500 in the most recent year of volunteer support, which represents 78% of total support E) Our board is a mix of men and women from different states and different work backgrounds who represent a broad cross-section of public interests and views. Board member Peter Dunn is a journalist and former small business owner who has volunteered for numerous nonprofits. He is located in Florida. Board member Amy Luchans is Associate Director of Alumni Relations at Brandeis University in Waltham, Massachusetts and was assistant director of student activities at another college. Board member Walter Regan was formerly the Executive Director of the Online News Association, and worked for National Public Radio. He is located in Virginia. Board Member Ellen Ferrante is president of a health-care company and serves on the boards of CASA Worcester County, a nonprofit in Massachusetts, and Salve Regina University in Rhode Island. Board member Michael Kolar is a coach based in St. Paul, Minnesota. F) Our nonprofit has an ongoing fund-raising program, and we have received support from 34 different sources in the last 5 years. This includes from individuals, foundations and corporations, including Bank of America and Microsoft. Our donations that come from individuals come from a broad cross-section of people young and old, and have ranged from $5 to $25,000. As we have become better known, our support has grown. Of the sources, 24 were new in the last two years. We meet one-on-one with potential donors, we apply for grants with foundations and corporations, and we have a section on our Web site on a continuous basis encouraging people to donate. We send out an annual appeal and now have a list of over 300 people we will send our next appeal to. In addition, we have set up a module on our Web site that will allow donors to make recurring donations either quarterly or annually. G) People with significant expertise in our field participate in creating our editions for the public each day. This includes Carla Baranauckas who worked for 21 years at the New York Times, where she supervised editors and reporters in the department responsible for the front page of the Times website, and was the deputy copy chief for the national news. She is currently a professor at the Columbia University School of Journalism, where she teaches journalism to graduate students, and trains instructors for the school. It also includes Lynne Adams who was in charge of a team of 30 journalists covering breaking news, international and national stories for the BBC. She also ran mulitmedia training workshops for BBC's journalists. To see more people who participate, feel free to visit the "Our Team" page on our site. H) We have no advertisements or commercial activity. We have no unrelated business income.

Explanation

Schedule A (Form 990 or 990-EZ) 2010

Additional Data

Software ID:	10000077
Software Version:	v1.00

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

OMB No. 1545-0047

2010

Name of organization

DAILY SOURCE LIMITED

Employer identification number

83-0374559

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, $5,000 or more (in money or
property) from any one contributor. Complete Parts I and II.

Special Rules

For a section 501(c)(3) organization filing Form 990 or 990-EZ, that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), and received from any one contributor, during the year, a contribution of the
greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For a section 501(c)(7), (8), or (10) organization filing Form 990, or 990-EZ, that received from any one contributor,
during the year, aggregate contributions of more than $1,000 for use exclusively for religious, charitable,
scientific, literary, or educational purposes, or the prevention of cruelty to children or animals. Complete Parts I, II, and
III.

For a section 501(c)(7), (8), or (10) organization filing Form 990, or 990-EZ, that received from any one contributor,
during the year, contributions for use exclusively for religious, charitable, etc., purposes, but these contributions did
not aggregate to more than $1,000. If this box is checked, enter here the total contributions that were received during
the year for an exclusively religious, charitable, etc., purpose. Do not complete any of the parts unless the General Rule
applies to this organization because it received nonexclusively religious, charitable, etc., contributions of $5,000 or more
during the year. ......................... Arrow Bullet

Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2 of its Form 990, or check the box in the heading of its
Form 990-EZ, or on line 2 of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2010)

Name of organization DAILY SOURCE LIMITED
Schedule B (Form 990, 990-EZ, or 990-PF) (2010) Page 1 of 1 of Part I
Part I	Contributors (see Instructions)
(a) No.	(b) Name, address, and ZIP + 4	(c) Aggregate contributions	(d) Type of contribution
RESTRICTED	RESTRICTED RESTRICTED RESTRICTED RESTRICTED, RESTRICTED RESTRICTED	$RESTRICTED	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Aggregate contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Aggregate contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Aggregate contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Aggregate contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Aggregate contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Name of organization DAILY SOURCE LIMITED
Schedule B (Form 990, 990-EZ, or 990-PF) (2010) Page 1 of 1 of Part II
Part II	Noncash Property (see Instructions)
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Page 1 of 1 of Part III

Name of organization
DAILY SOURCE LIMITED

Employer identification number

83-0374559

Part III

Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
aggregating more than $1,000 for the year. (Complete columns (a) through (e) and the following line entry.)
For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet

(a) No.
from
Part I

(b)
Purpose of gift

(d)
Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b)
Purpose of gift

(d)
Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b)
Purpose of gift

(d)
Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b)
Purpose of gift

(d)
Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Additional Data

Software ID:	10000077
Software Version:	v1.00

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.

OMB No. 1545-0047

2010

Open to Public
Inspection

Name of the organization

DAILY SOURCE LIMITED

Employer identification number

83-0374559

Identifier	Return Reference	Explanation
F99Z_P01_S00_L16	Form 990-EZ, Part I, Line 16	Other expenses schedule Supplies $2,395, Internet and telephone $1,800, Web services, domains, and hosting $2,573, Bank fees $285, Depreciation $1,933, Total $8,986
F99Z_P02_S00_L24	Form 990-EZ, Part II, Line 24	Pledges receivable $16,000, Inventory for future use $3,636, Prepaid expenses $509, Furniture and equipment (after depreciation) $3,782, Other long-term assets $8,254, Security deposits $100. Total $32,281
F99Z_P02_S00_L26	Form 990-EZ, Part II, Line 26	Accounts payable and credit cards payable $3,041, Negative balance in 1 checking account in Quickbooks last day of fiscal year due to outstanding checks $24,132, Total $27,173

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2010

Additional Data

Software ID:	10000077
Software Version:	v1.00

- TIN:

TY 2010 ReasonableCauseExplanation

Name:

DAILY SOURCE LIMITED

EIN: 83-0374559

Software ID:10000077

Software Version:v1.00

Explanation:

We are filing after February 15, 2011 due to the following notice: In order to facilitate systems and programming changes, the IRS today notified tax-exempt organizations that the IRS Modernized e-file (MEF) system will not be available from January 1, 2012 through February 29, 2012 for electronic filing of Forms 990, 990-EZ, 990-PF and 1120-POL information returns. The IRS is suspending the availability of the system to implement changes to IRS programs and systems for the 2011 tax year. The 990-N e-postcard filing system will not be affected by the temporary suspension of the MeF system To minimize the impact on affected organizations, the IRS is granting an extension of time to file to March 30, 2012 to organizations whose due date or first extended due date for returns is January 17, 2012 or February 15, 2012. Affected organizations required to file electronically may file electronically prior to January 1, 2012 or between March 1, 2012 and March 30, 2012. Organizations that are not required to file electronically may do the same and, alternatively, may file a paper return anytime before March 30, 2012. In addition, as described in Notice 2012-4, certain affected organizations normally required to file electronically will have the option to file a paper return during the suspension period. An affected organization that has not previously received an extension and wishes to extend its filing due date until after March 30, 2012 may request an automatic 3-month extension by filing Form 8868, Extension of Time to File an Exempt Organization Return, by its original due date. If an affected organization has already obtained an automatic 3-month extension, the IRS will grant the organization an additional 3-month extension if the organization properly completes and files Form 8868 by its first extended due date. Organizations that have already been granted two extensions for a total of six months may not request a further extension. Organizations are reminded that an extension of the time to file, including the automatic extension to March 30, 2012 provided in the Announcement, is not an extension of time to pay any tax liabilities that may be due for the year. Organizations with a filing due date (or first extended due date) between January 1, 2012 and February 29, 2012 that file their returns by March 30, 2012 will be considered to have timely filed. In the case of an organization with a second extended due date that falls during the suspension period, the organization will have reasonable cause for late filing and will not be subject to the late filing penalties if it files by March 30, 2012. The organization should attach a Reasonable Cause Statement to its return referencing Notice 2012-4 , in order to avoid receiving a system-generated penalty notice for late filing. Some organizations generally required to file electronically that have already obtained two three-month filing extensions may be uncomfortable with taking advantage of the late filing penalty relief provided in this notice. In that circumstance the organization may file its return on paper during the suspension.