I hope this helps!
The IRS closed the loop hole if you call it that, they did, and money donated to an Educational Fund for your Chapter can be deducted but the Foundation cannot loan money for building of new House in any shape!
Accoding to My Tax Gal, she thought it was alright, but one of my Chapter Brothers had checked on this with the IRS, He is a Lawyer!
The last house built this way was the LXA House at Kansas U.
That is when they put the plug in!
It really sucks as the money We as Brothers spend go towards a building that normally is cheaper for the members to live in than off and on campus housing!
If someone finds out different, let me know as we are going to build a new House next year, hopefully!!!!!!!!
Good luck on your new house project!
Interfaternally Yours!!!!!!!!
__________________
LCA
LX Z # 1
Alumni
|
Hybrid Mode
