IRS Non-Profit Regulations
York Twinning Association is designated by the Internal Revenue Service as a 501©3 organization.
Governance
Reference: www.stayexempt.org
Governance
- IRS determination letter
- Articles of Incorporation and Bylaws
- Board of Directors
- Meetings, minutes, recordkeeping
- Must be consistent with charitable purpose and public benefit
- Minimal private benefit to individuals
- May not provide excess benefit to officers
- May not participate in political campaigns
- May not engage in lobbying effort
- Must file Form 990 federal tax return every year
- Keep records for 4 years
- Evaluate success of charitable programs
- Monitor budgetary results
- Prepare financial statements
- Prepare tax returns
- Retain information on grants
- Donations are not taxed
- Tax deductible to individual donor
- Payment for services is not taxed
- Games of chance subject to PA state regulations
Reference: www.stayexempt.org