The OD Shag Club is a social club as designated by our IRS status of 501(c)7. By being a 501(c)7, the Club does not pay income taxes and is a not for profit club. That does not mean that the ODSC is a nonprofit charity. In order to be a nonprofit charity and be able to allow donors to deduct donations from their taxes, you must be an IRS designated 501(c)3. One organization cannot be a 501(c)7 and a 501(c)3.
In 2016, the Executive Board of the ODSC approved the formation of the OD Shag Club Foundation. The ODSC Foundation would be a separate organization and would apply for a 501(c)3 designation from the IRS. All net proceeds from 501(c)3 charitable events must be donated.
The OD Shag Club Foundation has been approved by the IRS to be a 501(c)3 organization. The OD Shag Club Foundation has a separate board that works in conjunction with the Executive Board of the OD Shag Club.
Currently, two events run through the books of the Foundation. The two events are the Golf Tournament and the Charity Golf Cart Fun Run. All donations to these events run through the Foundation and any donor to the event will receive a tax-deductible receipt from the Foundation. (Remember, Social Clubs are not allowed to give tax deductible receipts. Only 501(c)3 organizations are allowed to give tax-deductible receipts.)
The Board of the Foundation is as follows:
- Monica Powell, Chairman
- Larry Jones, Vice Chairman
- Karen Young, Secretary
- Bob Sanders, Treasurer
- Wendy Schultz, Director at Large
- Terry McCoy, Director at Large
For questions, contact ask one of the Foundation Board Members.