Not-for-Profit Foundation, Inc.
HISTORY
Rotary District 6450 Foundation Inc. was incorporated on March 3, 1998 as an Illinois Not for Profit Corporation. The Corporation is organized exclusively for charitable and educational purposes, the establishment of programs for the education and relief of the poor and distressed or underprivileged, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations.
No part of the net earning of the Corporation shall inure to the benefit of, or be distributable to its members, trustees, officers, or other private persons, except that the Corporation shall be authorized and empowered to pay reasonable expenses for services.
The Corporation made application to the Internal Revenue Service for tax exempt status and on November 30, 1999 the corporation’s application was approved under Section 501C3 of the Internal Revenue code. In addition, the Corporation has received sales tax exemptions from Indiana , Wisconsin and Illinois. The Corporation afforded the legal status for a District wide raffle in 1998 which provided over $70,000 to the District and its clubs who in turn forwarded over $21,000 to The Rotary Foundation of Rotary International.
The Corporation accepts equipment as tax exempt donations and has sent medical and dental equipment to countries all over the world.
Club, District 6450, District 6440 and community funds are now part of the ongoing custodial functions of the Corporation whose projects have served over 30 countries on five continents.
PURPOSE
The Corporation was organized to provide the clubs and the District with a tax exempt organization for fund raisers, donations, educational trusts and any other activity that would require a tax exempt status.
The Corporation’s tax exempt status opens many doors that were previously unavailable to most of the clubs in the District. It will allow the clubs to solicit donations that will be a tax deduction to donors.
The Corporation’s services are available to any club, groups of clubs or committees in District 6450. The Corporation’s function is to insure that all activities are in compliance with the statutes that govern the Corporation. All projects or fundraisers would be the responsibility of the club, groups of clubs or committee. All funds raised by any club, group of clubs or committee will be kept in separate designated accounts. Funds would be disbursed only with the approval of the club’s or committee’s designated authority .
In order to insure the tax exempt status of the Corporation and any proposed activity, an application for the activity must be furnished to the Corporation for approval. No activity is authorized unless the applicant receives written authorization from Rotary District 6450 Foundation, Inc.
For more information contact:
Larry Stichweh
630-257-5888
Dick Galitz
630-420-7658
Updated June 16, 2008 HOME
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