| [GMCnet] GMC information [message #188261] |
Thu, 25 October 2012 19:32  |
Gerald Work
Messages: 102
Registered: June 2010
Karma:
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Senior Member |
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There actually are nine types of non profit orgs defined in section 501(c) of the IRScode numbered 1 thru 9. All allow the org to be exempt from fed income tax, but only 501(c)3 allows the donations to also be tax deductible by the donor. To be granted 501(c)3 status, the org must prove to the IRS that, among other things, it is relieving the "burdens" of government. Hard for an org like ours to achieve that.
Jerry
Jerry Work
The Dovetail Joint
Fine furniture designed & hand crafted
in the 1907 former Masonic Temple building
in historic Kerby, OR
Http://jerrywork.com
..........
Date: Thu, 25 Oct 2012 12:14:02 -0600
From: Emery Stora <emerystora@mac.com>
Subject: Re: [GMCnet] GMC Information (was GMCphotos website
information)
To: gmclist@temp.gmcnet.org
Message-ID: <909AA7C6-CEB2-4C9C-9C25-1C8EE30BF3D5@mac.com>
Content-Type: text/plain; CHARSET=US-ASCII
On Oct 25, 2012, at 8:39 AM, Thomas Phipps wrote:
>
>
> CASH, dinero, etc. This will take good old cash to set-up and maintain. Anyone willing to step-up and collect initial cash donations. Set up as non-profit, so cash is tax deduction?
The tax code does not allow this unless the non-profit organization is a charity or a religious group.
Most, if not all, of the various GMC clubs are non-profit but donations to them are not tax deductible.
Emery Stora
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