It means that people, businesses and corporations can now make donations and contributions to the Alumni Association, and claim it as a tax-free donation, under the rules of Section 501(c)3 of the I.R.S. Tax Code.
Alumni Board Trustee President Douglas Releford received the notification from the Internal Revenue Service a few days ago.
"We are very excited to have this," Doug says. "I know it will be a worthwhile designation for us. We started this thing in May of 2008 and our thanks to Alumni Trustee Ed Horton and his initial work with the Kingsport Chamber of Commerce for laying the groundwork. Later, as (noted author and Kingsport native) Jeff Faulkerson helped move the application process along, it seemed like they just kept making us jump through hoops and circles.. they kept asking for more information, more information. Next thing we know, we 'didn't have enough signatures on the application.' This being our first time, doing it without a lawyer's help, it was just a real struggle for us."
"Now being a non-profit charity and having our tax ID number," Doug says, "we'll be more accessible to corporations and businesses in the area, who will hopefully help us do things by making tax-free donations and contributions for the good things we do for the community. I think we'll be able to apply for some grants, expand a few of the programs we have, and even begin new ones, and continue to be a positive influence in the lives of our young people, and the folks in the community."
Below is the entire letter from the I.R.S. to the Douglass Alumni Association, Kingsport:
DOUGLASS ALUMNI ASSOCIATION EMPLOYER IDENTIFICATION NUMBER: ON FILE
C/O DOUGLASS S. RELEFORD DLN: ON FILE
P.O. BOX 1936 CONTACT PERSON: ON FILE
KINGSPORT, TENNESSEE 37660 CONTACT NUMBER: ON FILE
ACCOUNTING PERIOD ENDING: DECEMBER 31
PUBLIC CHARITY STATUS 509(A)(2)
FORM 990 REQUIRED: YES
EFFECTIVE DATE OF EXEMPTION: MAY 10,2008
CONTRIBUTION DEDUCTABILITY: YES
ADDENDUM APPLIES: NO
Dear Applicant:
We are pleased to inform you that upon review of your application for tax-exempt status, we hav edetermined that you are exempt from Federal Income Tax, under Section 501(c)3 of the Internal Revenue Code. contributions to you are deductible, under Section 170 of the Code. You are also qualified to receive tax-deductible bequests, devises, transfers or gifts under Section 2055, 2106 or 2522 of the Code. Because this letter could help you resolve any questions regarding your exempt status, you should keep it in your permanent records.
Organizations exempt under Section 501(c)3 of the Code are further classified as either public charities or private foundations. We determined that you are a PUBLIC CHARITY under the code Sections (s) listed in the heading of this letter.
Please see enclosed Publication 4221-PC. Compliance Guide for 501(c)3 Public Charities, for some helpful information about your responsibilities as an exempt organization.
Sincerely,
Robert Choi
Director, Exempt Organizations
Rulings and Agreements
If any Douglass alumnus, business, company or individual has questions about the non-profit status of the Douglass Alumni Association, please contact Board President Douglas Releford, Media Coordinator/Public Relations Manager/Website Manager Calvin Sneed, or Tax-Exempt Preparer Jeffrey Faulkerson at: douglassriverview@gmail.com.
