Obviously, IANAL (and I'm sure Ed will correct this), but due to
issues in our town before town meeting, I did some research on the IRS
codes re: charitable giving. There are many types, of which
501(c)(3) is sort of the "big cheese." The main advantage of that is
that all the proper checks have been done by the IRS, deductability of
donations is as guarenteed as possible with the IRS, etc. Many others
exist in various other 501 subsections (and, I believe, 508 for
religious institutions). In return for that, there's a ton of
paperwork that gets done to prove to the IRS you're legit.
I know most Boy Scout troops are not 501(c)(3) but are tax-deductable
by IRS. Our town's soccor & softball teams are NH Non-profit, and are
tax-deductable. However, as has been indicated, there are limits on
the money that can be collected, & the IRS is more willing / able to
say "it's not deductable."
jeff
On Thu, 15 Jun 2000 [EMAIL PROTECTED] wrote:
> Dan -
>
> I read your e-mail with interest, if you'll pardon the pun.
>
> I think, and IANAL, that the deductibility of any such donations
> would have to be determined by the IRS for Federal Income Tax
> purposes, not the state. So, setting up GNHLUG as a NH Non-Profit
> is a Good Thing, and the most important first step. I think once
> we do that, then we will have a non-profit entity that can then
> apply to the IRS for a 501(c)(3) or whatever is appropriate. I
> suspect there may be issues around if it's a simple non-profit
> org versus a charitable org, or whatever. However, I feel VERY
> confident (and extremely grateful) that Ed Lawson is helping us,
> because I'm reasonably certain that he's familiar with other situations
> very similar to this, i.e. amateur radio clubs. They're certainly
> non-profit orgs, occasionally have assets (equipment, towers, etc.),
> and folks can and do donate stuff and/or money to them either while
> they're alive or through their estates.
>
> So, I think we're doing the right thing, and taking it one step at
> a time is also good. It feels good to me. BTW, it was great to see
> you last night at the CentraLUG meeting, and I hope your wife is
> doing OK. I'll be back in a week from my trip to Sunny Florida!
>
> Thanks,
>
> Bayard
>
------------------------------------------------------------------------
Jeffry Smith Technical Sales Consultant Mission Critical Linux
[EMAIL PROTECTED] phone:603.930.9379 fax:978.446.9470
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Thought for today: The explanation requiring the fewest assumptions is the most
likely to be
correct.
-- William of Occam
