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Constitution and By-Laws
The importance of the tax exempt status is for the purpose of not having to pay taxes on monetary donations to the team and for the sponsor to be able to get the tax right off for their donations. To get the tax exempt status requires the organization ( our team and maybe yours) to be an official nonprofit group, which includes the submission of the teams (group) Constitution and By-Laws. If your team expects to bring in less than $10,000 the cost to the IRS is $150, if you are expecting to bring in over $10,000 the cost is $500.
Hense, the call for any team who has drafted their own Constitution and By-Laws for this purpose to consider sharing their drafts with us, as to make our task easier and acccurate as far as the IRS is concerned.
Many Thanks , David B. Team 524
United We Stand!
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