Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What impact has gaining a 501(c)3 tax status had on the finances of the Madison Civics Club?

April 26, 2017CIVICS finances gaining impact Madison Status tax

0

Posted

What impact has gaining a 501(c)3 tax status had on the finances of the Madison Civics Club?

1 Answer

0

Posted

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.