[MassHistPres] receiving funds at Historical Commissions

[GRETCHEN SCHULER]

An alternative is to partner with the local historical society which can
accept funds so that they can be received by a 501 c3.  Wayland Historical
Commission has done this in the past.  Then we do not have to ask town staff
to set up yet another accounting process and most historical commission
projects would be of interest to society as well.

Gretchen Schuler
Wayland


----- Original Message ----- 
From: <Kjgkeith at aol.com>
To: <betsypyne at gmail.com>; <masshistpres at cs.umb.edu>
Sent: Wednesday, March 07, 2007 4:33 PM
Subject: Re: [MassHistPres] receiving funds at Historical Commissions


> Betsy,
>
> The answer to your question about accepting funds is yes.   You should
> consult the MHC publication "Preservation Planning Manual" under the
heading
> Funding on p.28.  As an agency of local  government Historical Commissions
are
> non-profits, but not like 501  (c) (3); however, they do qualify under
another IRS
> category called 170 (c)  (1).  This tax code is for municipal non-profits.
> You should speak  with your Town Accountant to get a letter of exemption.
So,
> gifts to your  Commission would be tax deductible under the 170 (c) (1)
code.
>
> The Canton Historical Commission has successfully raised funds and quoted
> this exemption.  However, you should be aware that many foundations are
limited
> by their charters to giving only to 501s.  I speak from experience  in
this
> type of fundraising; look to sources other than charitable  foundations.
>
> Best of luck.
>
> Kathi Keith
> Canton Historical Commission
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