By Debra Vernon Founding Board Member
Dear members, supporters, and friends,
The Athena Alliance has achieved many important goals in its first six months of operations – we have strengthened our network, expanded our community, and made our very first board match. Today, we are proud to announce one of our most exciting achievements to date – the approval of our application for federal tax-exempt status!
The approval of this status is especially meaningful for me as both an Athena board member and as an attorney at DLA Piper LLP, Athena’s pro bono counsel. Together with my colleagues in DLA Piper’s tax group, we prepared and filed Athena’s application for tax exempt status. This status, more commonly known as 501c3 status for the section of the federal tax code which establishes the exemption, will enable The Athena Alliance to more effectively pursue its mission of board gender parity. The benefits of 501c3 status to Athena, and many other nonprofits, may include:
Donations from individuals and corporations to a nonprofit with 501c3 tax exempt status are generally tax deductible for the donors, which often enhances fundraising efforts significantly.
Most foundations require a nonprofit organization to have 501c3 status as a condition of eligibility for grant funding. Nonprofit organizations without 501c3 status may miss out on these funding opportunities.
A 501c3 organization is exempt from federal taxes on income derived from activities related to organization’s tax-exempt purpose. The organization may also be exempt from state income taxes, sales taxes, and employment tax in certain states. Every dollar in tax savings may be used to advance the organization’s mission, a valuable benefit for every nonprofit.
Nonprofit organizations with 501c3 status may be entitled to various other perks, including discounted rates from vendors and suppliers, discounted postage rates, and lower media outlet rates for announcements and press releases.
Overall, 501c3 status is a game changer for The Athena Alliance and its mission. With tax-exempt status, Athena will be even more capable of creating change at the highest levels of leadership.
Ready to support gender parity in the boardroom? Donate to The Athena Alliance here.
Many thanks to my colleagues at DLA Piper for all of their contributions to The Athena Alliance.
Attorney at DLA Piper & Board Member, The Athena Alliance