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After two years in gestation, Spirit Football has been determined a public charity under Internal Revenue Code (IRC) Section 501(c)(3).
So what does that really mean?
This means that Spirit Football has the status of a non-profit and as such donations given to
Spirit Football are largely tax-deductible* which is important to many donors and corporate
entities. Depending on this status is important to the perennity of the organization. Many
people prefer to donate to an entity that does offer a tax deduction as it means that it is
officially recognized, is following sets of rules and therefore is not a scam. And as mentioned
above it allows donors to reduce their tax liability.
Thank you to Selina Anjum for all her help in getting us started as a non-profit and for showing me all the necessary steps to get there. We applied in December 2021 and were notified in April 2022. From there we had to finalize a number of documents such as our purpose statement, opening of a financial business account, and check that we understood all the rules at both federal and state level. We also applied for our tax exemption certification in Illinois.
Next year will be interesting as we will have to file a form 990 which is a form that provides the public with financial information about a non-profit organization. One of the main goals for this is to avoid any misuse of the tax exempt status and ensure that all funds are being used appropriately. I am not too sure how to go about it yet and we will review this in a later blog.
Stay tuned!
Here is the information of our non-profit:
Spirit Football is a registered 501(c)(3) organization. Your gift is tax deductible in the manner and to the extent provided by law. Federal Tax ID 88-1581544