[Coco] Non Profit 501(c)(3) Status Official!

[Glenside President (Jim Brain)]

While the Glenside Color Computer Club has always operated as a 
not-for-profit group, our constitution and by-laws state that we will be 
a federally recognized non-profit organization as defined by the 
Internal Revenue Service 501(c)(3) guidelines. Though the club was 
organized long ago, it had never filed the paperwork to officially be so 
recognized.

Before everyone gets concerned, this will not significantly affect club 
operations. Namely:

  * The club is prohibited from campaigning for political parties or
    candidates. I don’t think we’ve ever done so.
  * We have already been filing the postcard-sized 990-N federal tax
    return required by non-profit organizations receiving less that $50K
    gross annual receipts. We will simply continue to do so.
  * The club must keep financial records. We do this but were already
    working to mature our record keeping. The status creates another
    incentive to do so and report to the membership yearly financials.

This does, however, mean that fair market value of club donations can be 
deducted from the donor’s personal taxes. I don’t think folks were 
previously withholding donations from the club, but this provides just a 
bit more incentive. For donations over $250.00 (which could be common, 
given the current value of Color Computer items), a receipt must be 
provided to claim a deduction.

Many thanks goes to Rich Bair, our long time secretary, for pushing for 
this status and performing the early leg work involved. Thanks also to 
Brian Goers, current secretary, for arranging legal help on this matter.

For the record, the tax exempt status went  into effect as of March 31, 
2021, so it appears we can create receipts for 2021 donations if folks 
want to claim on their 2021 taxes. Also, for what it is worth, 501(c)(3) 
organizations are classified as either public charities or foundations, 
and the IRS has classified us as a public charity.

-- 
Jim Brain, 2021-22 President
Glenside Color Computer Club (GCCC)
president at glensideccc.com
www.glensideccc.com