Chip and Gaming Token Collectors Club Name Change
following article was posted by Jim on
The Chip Board on March 12th,
appears the major concern involving a club name change is
"if we do something the IRS may look at our 501 (c) (3)Ē. My
reply to that is...so what? Are we, as a club, doing
something that we shouldnít? Has our mission changed? Isnít
our primary mission, goal, and purpose education?
put the discussion in its proper perspective. Our section
501(c) (3) status can be challenged by the IRS anytime for
anything. They do not need a name change to investigate our
organization. What then should we do? Put our head in the
sand and not make any changes that may better our club? As a
club member I am more concerned with what we as an
organization is doing to further our education requirement.
That should ALWAYS be our primary concern.
the name of our organization DOES NOT change our mission or
purpose which is...education. Nothing we do with merely a
name change will jeopardize our status. Where the problem
comes in is reality. Either Eric or I do not want to devote
our time or energy to defending a challenge from the IRS.
After all I earn my living from defending entities and
individuals before the IRS. Obviously, I need to get paid in
order to live. I canít speak for Eric but Iím sure his
circumstances may be similar. So we cross our fingers and
subscribe to the philosophy ďif it isnít broke donít fix
itĒ, that my friend is the unadulterated truth.
change could constitute reorganization under IRS Code
section 368 (a) (1) (F). In the past the reorganization code
sections were written for the benefit of the taxpayer. Today
things have changed and some of the code sections involving
reorganizations benefit the government by way of tax.
However, in my opinion reorganization under (F) would not
affect our organization in any way.
fought for our status Iím sure it about killed him both
physically and financially. I know when I fought alongside
Nancy Clark for the Southern Nevada Organizationís tax free
status all we could get, unless we wanted to go to court,
was a 501(c) (7). It was not fun nor do I care to do it
again. For those who do not know the primary difference
between a 3 and a 7 is a 3 can take deductible charitable
contributions. In other words, the donor can take a
deduction on his/her tax return. A donor to a 7 cannot.
There are other minor differences but what I just wrote is,
as far as Iím concerned, the ONLY difference.
Personally, I would support a name change. However,
consideration must be given to those who have worked to
develop and grow our organization. Iím sure many of these
individuals do not want to change our name. I can live with
either decision but letís make the decision based upon facts
not what someone thinks could or would happen.