501 (C)(3) Non-Profit Status Initiative
As an increasing number of potential trail partners, donors and other philanthropic entities are stipulating that they can only work with 501 (C )(3) organizations, ODATC needs to take another look at the process and requirements for obtaining this IRS tax status.
Why become 501(c)(3) exempt?
- Individuals and corporations are more likely to support organizations with this status because their donations are tax deductible;
- Recognition of exemption under section 501(c)(3) of the IRS assures foundations and other grant-making institutions that they are issuing grants or sponsorship's to a non-profit.
- Ensures donors that the club is using donations for stated purposes by making the club's financial information and bylaws public.
The board is largely in a fact finding mode with this initiative, particularly with regards to costs and benefits. The club could greatly benefit from the help of any members with experience in this field of the IRS tax code. If you can assist with this initiative, please contact David Grimes @ firstname.lastname@example.org