© 2017 Neighbors and Friends of Table Rock Lake, Inc.
Neighbors and Friends of Table Rock Lake
As our fund raising programs have grown over the years, we often stopped to consider the benefits of being a 501(c)3 organization in order to make donations and sponsor money tax deductible. After all, the money we raised would go to 501(c)3 organizations, so it seemed logical that people contributing to our cause would expect their donations to be tax deductible.
In 2011, Nita Jane Ayres approached some of the board members with an idea to create a Giving Circle under the auspices of the Community Foundation of the Ozarks (CFO). As she and subsequent representatives of CFO explained, we could establish a fund under the CFO umbrella to hold donated funds until we were ready to distribute the funds to our selected charities. By doing this, donations by check would be fully deductible for tax purposes. CFO writes the ‘Thank You’ letters and provides receipts for these donations, and also writes the checks (always under our direction) to the charities when we are ready to distribute the funds. Additional benefits are that any expenses we incur in our fund raising efforts are exempt from sales tax and that all tax reporting is done for us by CFO. In effect, our fund raising efforts operate as a 501(c)3 organization without impact to the social aspects of Neighbors and Friends.
We began the Giving Circle in September 2011 after a unanimous vote by the Neighbors and Friends membership to approve the idea and have been very pleased with the results. The expense of the Giving Circle is nominal and far outweighed by the benefits we have obtained by establishing this fund.
For more information about the Community Foundation of the Ozarks,
visit their web site here...
For more information about Giving Circles, click here...
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