Federal Laws concerning Greeks.

[boz130]

If I'm understanding this program correctly, our individual AAs/HCs can't set up a 501(c)(3). However, we can benefit if we align w/the development dept. of our individual universities/colleges.

For example, donors send money to Northwestern's Alumni Assn. & specify that it's to go specifically toward Building Fund XXXX. The money is a write-off for the donor, and the university funnels it directly to the building fund's recipient...in this case, Alpha-Iota.

I'm pretty sure it's the same scenario being done @ other institutions. Alpha-Tau/Iowa State has a comparable arrangement, and we're looking into it @ Beta-Omicron/Illinois State. Seems like a win-win for all involved.

In ZAX,
BF

[dever860]

Originally Posted by boz130

If I'm understanding this program correctly, our individual AAs/HCs can't set up a 501(c)(3). However, we can benefit if we align w/the development dept. of our individual universities/colleges.

For example, donors send money to Northwestern's Alumni Assn. & specify that it's to go specifically toward Building Fund XXXX. The money is a write-off for the donor, and the university funnels it directly to the building fund's recipient...in this case, Alpha-Iota.

I'm pretty sure it's the same scenario being done @ other institutions. Alpha-Tau/Iowa State has a comparable arrangement, and we're looking into it @ Beta-Omicron/Illinois State. Seems like a win-win for all involved.

In ZAX,
BF

I could be wrong, but I swear I was on a Alumni Association website, doing research for making our own, and one claimed to have a 501 exempt status. So I was kind of confused. I should have wrote down the page.

I would be concerned with how the college transfer ownership of the money. Do they setup a private account through the university that the groups can withdrawal money? I could see the college withholding money for some reason if they were trying to hamstring you to do something. Then again I have no idea how the program works. OSU likes doing that kinda stuff.