Section 501(c)(3) is the portion of the US Internal Revenue Code that allows for federal tax exemption of nonprofit organizations, specifically those that are considered public charities, private foundations or private operating foundations. It is regulated and administered by the US Department of Treasury through the Internal Revenue Service.
Scandinavian Cultural Foundation –What does it mean?!?
The Scandinavian Cultural Foundation is the new 501C3 of the Scandinavian Festival Association.
It means many important things.
First of all it means those who would like to write off their membership in the Scandinavian Festival Association may do so as long as they are sure to pay and get a receipt from the Foundation.
It is all a little confusing. The bottom line is 501C3 activities are now part of what the Scandinavian Festival does and the Foundation is the caretaker of those 501C3 activities.
It also means the Association can pursue 501C3 grants and awards. This will prove to be of greater value in the future once we learn the intricacies of grant writing. These grants can be used to support programs and activates we do throughout the year.
Business can partner with the Association, through the Foundation, and this may help us with maintenance and upkeep of our properties. We may expand holdings and dealings within the Association to better serve our Festival guests in the future.
Long term support for operating expenses and scholarships, in addition, can stabilize the Festival and ensure we are part of the thriving community that supports the Association all year. An endowment fund created to receive donations to the Festival may become a reality in the near future that will allow tax credit for contributions to the Foundation and its non-profit mission.
Another benefit at being a 501C3 is that we can be recognized as a partner with other 501C3 organizations. Currently the Scandinavian Cultural Foundation is a proud partner with the Oregon Cultural Trust. Once you have made a contribution to the Scandinavian Cultural Foundation, contributions to the Cultural Foundation can be written off on your taxes.
Special things may come to life sponsored by the Foundation like a newsletter, cultural events like concerts, or social events like dinners and dances to celebrating the heritage and culture of our community. All these things would be great fun.
The new 501C3, the Scandinavian Cultural Foundation has a motto which is “Exploring new worlds in the 21st Century”. Let’s all get on board for the adventure!