One of the most fiscally and legally valuable actions a club can take is to incorporate and obtain 501(c)3 tax-exempt status. This is particularly important for medium and large-sized clubs who host tournaments. Fortunately, the IRS has a simple and inexpensive way to achieve 501(c)3 federal income tax exemption. It is called Form 1023-EZ. And it really is easy – only three pages. And inexpensive – a $275 one time fee.
While the decision is squarely in the hands of local leadership, Stoa does encourage clubs to incorporate and gain tax-exempt status. It is a wise and prudent step to take! (Matthew 10:16).