- Joined
- May 12, 2010
- Messages
- 797
Just before our Anniversary party we were notified that we had been granted official tax-exempt status from the IRS as a social club. Which is spiffy!
Why, you ask? Why, I'm glad you asked that.
This means that the United States Internal Revenue Service will not tax our assets, which are mostly monetary in nature. This is significant, because as of the final day of any given year we are holding large amounts of money that are used for our real live events. For example, on December 31st of 2010 our assets were in the neighborhood of $20,000, with the lion's share of that monies recieved for 10th Anni. The IRS, however, would not be terribly impressed with this fact, and without the designation would want a cut of it. Now we don't have to give it to them.
Yay us!
Why, you ask? Why, I'm glad you asked that.
This means that the United States Internal Revenue Service will not tax our assets, which are mostly monetary in nature. This is significant, because as of the final day of any given year we are holding large amounts of money that are used for our real live events. For example, on December 31st of 2010 our assets were in the neighborhood of $20,000, with the lion's share of that monies recieved for 10th Anni. The IRS, however, would not be terribly impressed with this fact, and without the designation would want a cut of it. Now we don't have to give it to them.
Yay us!
Happy day!
