This thread will be used to carry news and discussions covering the Crabs Lacrosse program.
The Baltimore Lacrosse Club, Inc is a 501-C-3 state registered non profit.
The Baltimore Lacrosse Club, Inc is a 501-C-3 state registered non profit that pays for the owners mortgage, childrens tuition and BCC membership....LOL
Too many readers misunderstand the actual meaning of non-profit 501(c)(3) entities. One thing it does not mean is that there are no salaries being paid. It does imply a federal tax filing status.
501(c)(3) — Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations
501(c)(3) exemptions apply to corporations, and any community chest, fund, cooperating association or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, to foster national or international amateur sports competition, to promote the arts, or for the prevention of cruelty to children or animals.[14][15] There are also supporting organizations which are often referred to in shorthand form as "Friends of" organizations.[16][17][18][19][20]
Another provision, 26 U.S.C. § 170, provides a deduction, for federal income tax purposes, for some donors who make charitable contributions to most types of 501(c)(3) organizations, among others. Regulations specify which such deductions must be verifiable to be allowed (e.g., receipts for donations over $250). Due to the tax deductions associated with donations, loss of 501(c)(3) status can be highly challenging to a charity's continued operation, as many foundations and corporate matching programs do not grant funds to a charity without such status, and individual donors often do not donate to such a charity due to the unavailability of the deduction.
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