August 29, 2006 -
On August 29, 2006, the LMSC received notification from the Internal Revenue Service that the Club was exempt
from the Federal income tax under section 501 (c) (3) of the Internal Revenue Code. The LMSC submitted an application
to the Internal Revenue Service for this recognition. This status was granted after the IRS received and reviewed
extensive financial records and corporate organizational documentation pertaining to the LMSC.
One of the primary
benefits of being considered tax-exempt under Internal Revenue Code Section 501 (c) (3) is the ability to accept
contributions and donations that are tax-deductible to the donor. Contributions to the LMSC are now tax-deductible
under the Code. In addition, the LMSC is qualified to receive tax deductible bequests, devises, transfers or gifts
under the tax code. Additional benefits include exemption from federal and/or state corporate income taxes, the
ability to apply for grants and other public or private allocations available only to IRS-recognized 501(c)(3)
organizations, discounts on US Postal bulk-mail rates and other services, and the public legitimacy of IRS recognition.
The effective date of the exemption dates back to 1989, which marks the inception of the LMSC.
IF YOU HAVE QUESTIONS, please send an e-mail to LMSC Vice President Marty Rubenstein at:
mrubenstein@levyangstreich.com
Click Here To See A Copy Of The IRS document granting us 501(C)(3) status..