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How can a business accept charitable donations?
You have to be a business of sorts to be a charatable organization. You must have a board of directors or officers and must hold regular business meetings. Look at the Red Cross. They're a Charatable, Not-for-Profit, --Both tax classifications (ie 501C3) business... "william ewald" wrote in message ... On Fri, 22 Oct 2004 10:09:30 -0500, (Richard Harrison) wrote: Lefty wrote: "How many realize the ARRL is a business?" Of course it is, and it is operated by and for its small group of insiders. As the only significant representative of licensed amateurs, ARRL is a monopoly which enjoys the benefits of its status. How can a business accept charitable donations? From www.arrl.org September 29, 2004 -- Employees of the US government can designate their Combined Federal Campaign (CFC) pledges to the ARRL. (The League is CFC No 9872.) Federal employees who participate in the CFC can donate all or part of their CFC contribution to the League to support ARRL's efforts on behalf of Amateur Radio. Some private-sector employers also match donations their employees make to ARRL, while others will donate to the League if you volunteer your time--as an Amateur Radio Emergency Service (ARES) volunteer, for example. "ExxonMobil gives ARRL a donation of $500 for every 25 hours that I volunteer for ARES activities, including training, exercises and preparation--with a max of $2000 per year," says ARRL member Alan Isaachsen, KB2WF. ARRL is a qualifying §501(c)(3) organization, and contributions may be tax deductible for both employer and employee. Make it a point to find out your employer offers a volunteer incentive program or matches individual employee's donations to the League. For more information, contact ARRL Chief Development Officer Mary Hobart, K1MMH, ; 860-594-0397; fax 860-594-0259.--thanks to Alan Isaachsen, KB2WF, and Walt Dubose, K5YFW |
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On Mon, 25 Oct 2004 14:06:52 -0400, "Bill-kb3gun"
wrote: How can a business accept charitable donations? You have to be a business of sorts to be a charatable organization. You must have a board of directors or officers and must hold regular business meetings. Look at the Red Cross. They're a Charatable, Not-for-Profit, --Both tax classifications (ie 501C3) business... All types of non-profit corporations need to follow the IRS tax regulations, as well as corporate law for the state in which they are incorporated. They also need to follow commonly accepted accounting practices, including an annual review of their finances and procedures by an outside CPA. Any non-profit type corporation can accept donations, but only donations to a 501(c)(3) charitable non-profit are tax deductible for the giver, and certain other benefits and programs are reserved for 501(c)(3). Grants are usually only available to (c)(3)s. The flip side is that the standard for becoming and remaining a 501(c)(3) is more difficult, and they are scrutinized more carefully by the IRS. The vast majorities of their activities need to be charitable (for the community, not their membership), educational, religious, or scientific. Other types of non-profits (there are at least a dozen other types) do not need to meet such a high standard for their activities. Many would fall under 501(c)(7), which is "recreational or social" clubs. There are also restrictions on payments to Board members. I suppose in theory that a for-profit business could accept donations, but there would be no tax deduction for the giver, and the business might have to pay taxes on it as income. Doesn't make sense, but it is not illegal. Happy trails, Gary (net.yogi.bear) ------------------------------------------------ at the 51st percentile of ursine intelligence Gary D. Schwartz, Needham, MA, USA Please reply to: garyDOTschwartzATpoboxDOTcom |
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