Here's a little snippet from Stephanie Strom's recent NY Times article on Imagine:
Mrs. Bakke said her company “is operated as a not-for-profit.” But Imagine is not a nonprofit group, and it has so far failed to gain status as a charity from the I.R.S.
Imagine applied for federal tax exemption in 2005 and has repeatedly said approval is imminent. It typically takes four to six months for such approvals. “We’re not sure why it’s taking so long,” said Mrs. Bakke, who is 56. “We suspect it’s because we’re trailblazers in a sense, and they haven’t had an application quite like this.”
Imagine has registered both a non-profit and a for-profit company in Virginia. That's likely what makes their application a trailblazer, if you want to call it that. Below are snapshots of the annual reports for both Imagine Schools, Inc and Imagine Schools Non-Profit, Inc. (click on imagines to make them bigger):
Trailblaze on, Dennis and Eileen. Can't wait to see more of your trailblazin'.