Sporsplex Gymnastics Booster Club Announces Its Tax-Exempt Status
Landover, MD (PRWEB) August 13, 2006
The Sportsplex Gymnastics Team Booster Club is proud to announce its tax-exempt status. As a tax-exempt organization, the Booster Club is organized and is operated exclusively for the purpose set forth in IRS Section 501(c)(3). None of the earnings of the organization benefit any private shareholder or individual.
Section 501(c)(3) is one of the tax law provisions granting exemption from the federal income tax to non-profit organizations. 501(c)(3) exemptions apply to corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals.
Provision, 26 U.S.C. ? 170, provides a deduction, for federal income tax purposes, for donors who make charitable contributions to 501(c)(3) organizations. Individuals giving to 501(c)(3) organizations that are either public charities, private operating foundations, or certain private foundations may deduct contributions representing up to 50% of the donor?s adjusted gross income if the individual itemizes on his tax returns. Corporations may deduct all contributions to 501(c)(3) organizations (regardless of foundation status) up to an amount normally equal to 10% of their taxable income.
The newly acquired tax-exempt status will allow the Sportsplex Gymnastics Booster Club to support the efforts of the Sportsplex Gymnastics Team as they continue to reach out to the community with their coat drives for the needy, visits to nursing homes, and fundraising in support of organizations such as the Children?s Miracle Network.
The Sportsplex Gymnastics Team?s official website is http://www.sportsplexgymnastics.com.
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