What impact has gaining a 501(c)3 tax status had on the finances of the Madison Civics Club?
The Civics Club, now defined as a charitable and educational organization, is exempt from paying state taxes on lunches, meeting rooms, printing, and speakers’ fees. This tax-exempt status makes it easier to qualify for grants to support our educational outreach programs. This new status requires detailed budget and corporate reporting. Since the new tax status was awarded during the middle of the fiscal year we have not yet determined the specific dollar impact.