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January 6, 2010 Lions of Odell Earn 501(c)3 Status
On January 6th, 2010, the Lions Clubs of Odell started a partner organization called the, “Lions of Odell Community Foundation, NFP”. This foundation will be a sister organization to the Lions Club of Odell. For many years, the club considered the possibility of making this move and in early 2009, began the process of incorporation as a 501(c)3 organization under the IRS tax laws.
The purpose for this move according to Lions Vice President, Paul Birkett, is “to better fundraise by being able to offer 100% tax deductibility for all donations.” The clubs previous tax status as a 501(c)4 exempted it from federal income tax liabilities, but donations to the organization were not tax deductible. “Any time we would request assistance or donations from larger companies, their first question was whether or not we had 501(c)3 status. When we said no, so did they”, Birkett said.
The new Foundation will have its’ own board, which, according to its’ bylaws must be made up of at least 50% Lions Club Members in good standing. Board members receive no compensation for their participation and serve a 2 year term. New board members are elected by the board.
“We’re excited about the potential benefits of this new designation. In a small village like ours, the philanthropic burden falls on too few people. This will allow us to begin pursuing donations from some of the larger companies that our community members work for and patronize like Walmart, Caterpillar and more.”
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