|
Tax-Exempt
Status
Student
organization registration does not imply tax exemption. The university’s
tax-exempt status applies only to university departments and offices. Student groups MAY NOT use the university's federal tax ID to set up a bank account.
- National
social fraternity and sororities are tax exempt under their parent organization
as defined in I.R.S. code 501(c) and should contact their national office for
information on how to use their tax-exempt number.
- Some
other organizations who are nationally affiliated may be tax-exempt. Contact
the national office to determine your group’s status.
- Groups
not affiliated with a national organization are probably not tax-exempt unless
they have applied directly to the I.R.S. for this status.
Applying
for Tax-Exempt Status
An
organization wishing to apply for tax-exempt status must realize that the
application process is involved. An attorney specializing in this area may be
helpful since the laws and procedures written for qualifying as a tax-exempt
organization are complex and constantly changing. If a student organization is
qualified for tax-exempt status, it would most likely be covered under sections
501(c)(3) or 501(c)(7) of the Internal Revenue Code and they organization would
file a form 1023 or 1024 with the Internal Revenue Service to apply for a
determination of that tax exempt status. Information about the application
process and exempt status is available in IRS Publication 577. This publication
and forms 1023 and 1024 are available on the IRS Web site, http://www.irs.gov.
|