As many of you are no doubt aware, NARS has been a Texas non-profit club for some time. But our sights were set higher than that. A dedicated group of officers and members has been working on obtaining 501(c)(3) certification from the IRS for some time.
Today, August 29, 2023, we were notified that as of May 15, 2023, we have been classified as a public charity by the IRS.
So what does this mean for us? The benefits of being tax-exempt under IRC Section 501(c)(3) include the following:
- We can accept contributions and donations that are tax-deductible to the donor.
- We can apply for grants and other public or private allocations available only to IRS-recognized, 501(c)(3) organizations.
- We can apply for a sales tax exemption on items purchased for use by the organization.
- We have the public legitimacy of IRS recognition.
- We can get discounts on US Postal bulk-mail rates and other services.
We’re looking forward to being able to serve the community at a much higher level now because of both the recognition aspects of this and the ability to raise funds to better equip ourselves to provide critical services in times of need. Great job by the 501(c)(3) team!