We all know how time consuming it is to build your club into a Foundation as an IRS recognized 501(c)(3) non-profit organization. The correct paperwork has to be created, documentation has to be pulled together and then sent to the Internal Revenue Service. Sometimes several times. And then the waiting begins. It can take up to 2 years for approval and that’s if everything goes well.
Congratulations are in order for a job well done to the Woodstock Club for the work! Here is a summary of what they have accomplished. No small amount of work! Great job guys!
Constitution & By-Laws. Lions Clubs International approved of the formation of both corporations. Work is complete on the formation of the Woodstock Lions Club, Inc., and on the Woodstock Lions Club Foundation, Inc. Both corporations have a separate Constitution and By-Laws. The officers and directors of the Woodstock Lions Club, Inc., are also the officers and directors of the Woodstock Lions Club Foundation, Inc. Both corporations have been assigned new Federal Taxpayer ID Numbers by the I.R.S.
Finally, the I.R.S. has recognized the Woodstock Lions Club Foundation, Inc., as a 501(c)(3) entity, meaning that contributions to the Foundation are tax-deductible for the donor, and also meaning that other 501(c)(3) entities, such as the Lions Clubs International Foundation, can transfer funds to our Foundation for charitable purposes.