Do any of your clubs have a not for profit status? How much does it cost to be not for profit and what all does in take to be not for profit?

Just wondering if anyone has any inside info!

Here is a list of organizations located in Kansas with "Wrestling" as part of their name recognized as tax-exempt by the IRS:

Chanute Junior Wrestling Club (Chanute)
Clearwater Youth Wrestling Club (Clearwater)
Great Bend Wrestling Club (Great Bend)
Independence Wrestling Club Boosters Inc. (Independence)
Liberal Amateur Wrestling Club Inc. (Liberal)
Olathe South Falcons Wrestling Club (Olathe)
Salina Kids Wrestling Club (Salina)
Shhs Wrestling Booster Club (Topeka)
Sunflower Kids Wrestling Club Inc. (Lawrence)
Team Lightning Wrestling Club (Hutchinson)
United States of America Wrestling Association of Kansas Inc. (Hutchinson)
Wichita Wrestling Club Inc. (Wichita)
Winfield Youth Wrestling Club Inc. (Winfield)

The process to obtain a 501(c)(3) exemption is a fairly costly and time consuming affair. At last year's state body meeting I announced that I was going to try to obtain a Group Exemption Letter from the IRS giving me the ability to provide tax-exempt status to Kansas clubs that follow specific guidelines. At this point the IRS has notified me that they are considering my request, but that the response is being delayed due to their current understaffing levels. If my request is approved, the following clubs would be granted 501(c)(3) status as of September 1, 2008:

Abilene Kids Wrestling Club
Allen Co. Kids Wrestling Club
Baldwin City Wrestling Club
Beloit Wrestling Club
Brawlers Wrestling Club
Burlington Wrestling Club
Chanute Wrestling Club
Chaparral Kids Wrestling Club
Chapman Kids Wrestling Club
Clay County Wrestling Club
Colby Wrestling Club
Derby Wrestling Club
Ellis Wrestling Club
Flinthills Wrestling Club
Fredonia Wrestling Club
Garden Plain Wrestling Club
Gardner Edgerton Wrestling Club
Goddard Wrestling Club
Gray County Kids Wrestling
Herington Kids Wrestling Club
Hodgeman County Warriors Wrestling
Hutchinson Kids Wrestling Club
Jaguar Wrestling Club
Kansas Krusaders
Leavenworth County Wrestling Team
Linn County Twisters
Louisburg Kids Wrestling Club
MAC Wrestling Club
Maize Wrestling Club
Manhattan Freestyle Club
Newton Wrestling Club
Olathe Wrestling Club
Parsons Wrestling Club
Rock Creek Kids Wrestling Club
S.E.K. Wrestling Club
Silver Lake Wrestling Club
Smoky Valley Wrestling Club
Spring Hill Wrestling Club
Team Haysville Wrestling Club
Valley Center Wrestling Club
Wellsville Kids Matters
WPD Wolfpack Wrestling Club

I can't add any new clubs at this point, but if the Group Exemption Letter is granted I will be able to modify my list of affiliated clubs effective September 1, 2009. If you think you might want to include your club in the future (again, assuming I receive a favorable response from the IRS), you can see the requirements by clicking here.

Mike, could you once again go over the advantages/disadvantages for a club to have a 501(c)(3). As I recall one of the benefits brought up at the state body meeting was, it would make it more difficult for funds to go unaccountable. Any further information you could provide as to the benefits would be helpful.

The major benefit is that the funds earned by the club through membership sales and tournament operations are not taxable. Additionally, donors to your club can take a tax deduction for their contributions.

The increased accountability is not a requirement by the IRS, but was a condition that I had put on the privilege of being included in any group exemption covered under the state association. Since I am making certain representations to the IRS regarding the affiliate clubs that would be included in the group exemption, I wanted to make sure that the clubs were being operated in a fiscally responsible manner.

Mike, as I have shared privately and now publicly, thank you for your efforts in this area. Along with so many other benefits, fiscal responsibility is critical!

Sportsfan02,

Since you were apparently at last year's state body meeting, I am guessing you will be at this year's. Would you do all of us a favor and take the floor for a minute to introduce yourself to everyone?

Thanks!

I have been at every state body meeting for the past 15+ years and my friends and the people I respect in this sport already know who I am. That might explain why you don't.

I think you are Greg Boucher from Augusta but if you are not then I have been given bad information.

If you don't respect me, that is your problem, not mine. I respect every point you have ever posted or supported on this forum. The problem is that posted points occur one out of hundred posts from you. You attack and antagonize without substantiating anything but your feeling of dislike towards me.

I really don't care who you are but everyone keeps asking me so I thought it would be awesome if you would just stand up and say "My name is ------- and I am proud to be Sportsfan02!"