Greek Chapter Fund Raiser

[mholmansr]

Originally posted by ladygreek
But that individual cannot make a tax-deductible cotribution to a 501(c)(7) which is what the BGLO's are (unless Iota is incorporated differently.) Does Iota have a 501(c)(3) foundation? If so the donations would have to be made into it as a conduit with the foundation then funneling it back into the chapter. And there are regulations for a 501(c)(3) acting as a conduit, so that would have to researched as well.

But all in all, I am all in favor of looking into any ideas that will raise monies for a chapter to do it's good works.

HI,

The Individual can in fact make tax deductible contributions to a 501(c)7 which most BGLO's are established granted a fund is setup exclusively for this purpose, the same as it would if it were in fact a 501(c)3.

From the IRS website using the below link you will find the "Foot Note 2" on the bottom of Page 61 of IRS Publication 557 "Tax Exempt Status For Your Organization", additionally you will find on Page 49 the 501c7 for Charitble Orgs as well more info on 501c10's Fraternal Orgs on Page 50.

We do have Iota Foundation used for donations. Which also gives another, though not the only, conduit as mentioned.

Like You, I'm interested and in favor of looking for ideas that will raise funds for our organizations.

Link below:


IRS Publication 557 - Tax Exempt Status For Your Organization

In Greekdom