[vox] [fwd] LUGOD Treasury Position And Financials

[jimbo]

Thank you
----- Original Message ----- 
From: "Bill Ward" <bill at wards.net>
To: "LUGOD's general discussion mailing list" <vox at lists.lugod.org>
Sent: Saturday, July 25, 2009 5:35 PM
Subject: Re: [vox] [fwd] LUGOD Treasury Position And Financials


On Sat, Jul 25, 2009 at 4:44 PM, Tony Cratz<cratz at hematite.com> wrote:
> jimbo wrote:
>> Forgive my ignorance but does this mean that this is a social and non 
>> profit
>> organization?
>>
>> Lets say I had $50,000.00 I wanted to donate to Lugod. Since Lugod is a
>> 501(c)7 does that mean this I can write off my donation on income taxes?
>
> http://www.t-tlaw.com/lr-06.htm
>
> <quote>
> 3. In contrast to 501(c)3 organizations (charities), contributions to a
> 510(c)7 social and recreation club are not deductible.
> </quote>
>
>
> That should answer your question.

Yep.  The non profit status for a 501(c)(7) means that the org doesn't
pay taxes, but donations are only tax deductible to a 501(c)(3).
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