The Board of Directors has determined that we qualify as a 501(c)3 non-profit and that we can fill out the EZ form (1023EZ). The advantages of becoming a 501(c)3 are that we can accept donations and those donating can claim a tax deduction, which might increase their interest in doing so. Particularly in light of our efforts to improve the club’s facilities, there does not appear to be a downside.
The next step — before we can file the paperwork — is to include in our by-laws a statement that, if we ever dissolve as a club, our assets will go to another 501(c)3. That statement is not currently in the by-laws, and the only way we can make that change is to have the membership vote on it. We will have that vote at the Nov. 12 banquet/annual meeting at the LeRoy Country Club
Amendment Eight shall provide that, in the event that the club dissolves, its assets shall be given to another 501(c)3.
The official wording will read:
Upon the dissolution of the corporation, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. Any such assets not so disposed of shall be disposed of by a Court of Competent Jurisdiction of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes.
If you have any questions, please don’t hesitate to post on the google forum, so everyone can know of the questions and answers. Alternatively, you can contact me, Angie Hunt, vice commodore, or any of the other board members listed on our website.
Rick Langlois #37