Great News! The Club’s 501(c)(3) application has been approved. One of the primary benefits of being tax-exempt under IRC Section 501(c)(3) is the ability to accept contributions and donations that are tax-deductible to the donor (for amounts in excess of the value of the goods or services received, e.g., the cost of a dinner). Additional benefits include, but are not limited to:
* Ability to apply for
* exemption from state corporate income taxes (in addition to federal);
* exemption from state sales and property taxes;
* grants and other public or private allocations available only to IRS-recognized, 501(c)(3) organizations; and
* Eligibility for discounts on US Postal bulk-mail rates and other services.
Historically, the CYC has relied on membership fees (and a few generous, event-specific sponsorship donations) to fund ongoing operations in order to fulfill our mission statement of providing a medium through which Yale alumni can contribute to both the university and the local community. As with many non-profit entities, the CYC’s endeavors have been dampened by budgetary constraints. Now that our members and patrons have the ability to make tax-deductible donations to the CYC, we will be able to expand the purview of our efforts.
This is where you come in. I urge you to find the earmark in your own budget to make a donation to the CYC this year and to include the CYC in your ongoing charitable plans. To that end, donations can sent to:
Cincinnati Yale Club
c/o Mr. Charlie Harte, Treasurer
8363 Shadowpoint Court
Cincinnati, OH 45242
For donations in excess of $250, the Club will mail or email you an acknowledgment of receipt.
Thank you in advance for your generosity and commitment to the Cincinnati Yale Club.