Indian Lake During the recent meeting of the Indian Lake Community Planning Committee, it was announced that the Indian Lake Community Development Corporation (ILCDC), the administrative and steering corporation for the Planning Committee, had received a determination letter from the IRS granting the corporation tax exempt status.
Further, the 501(c)(3) status is retroactive to the date of the incorporation, i.e. July 13, 2012 and it states that the IRS has determined that ILCDC is a publicly supported charity. As such, contributions to the corporation are tax deductible for federal tax purposes, including any that have been made after the date of incorporation.
The corporation also gains the freedom to expend funds in ways consistent with the community-focused purposes outlined within its certificate of incorporation and bylaws.
“This is an extremely important step for the Corporation and the Indian Lake Planning Committee” ILCDC Director James Erceg said in a statement released to the Board, “because it means that it is now possible to indicate to individuals, private foundations and governmental entities that the ILCDC is qualified to receive gifts, grants and other funding consistent with the requirements of the Corporation and the Indian Lake Planning Committee.”
The necessary paperwork will be filed with New York state, so the corporation’s tax exempt status will also be recognized for state tax purposes.
With this milestone behind them and the opportunities for funding that the 501(c)(3) status represents, the reminder of the meeting was devoted to a planning session for 2014. The session was moderated by Nancy Berkowitz and utilized a SMART planning approach. This was the start of the planning process and required attendees to break into groups that were each organized to focus on one of five areas of endeavor: economic development, fresh food access, Main Street revitalization, community communications, and the Hamlets 3 study proposals.