We received official confirmation today at TSF headquarters that the Internal Revenue Service has approved Triangle Soccer Fanatics, Inc.'s petition for tax-exempt status.
Section 501(c)(7) of the Internal Revenue Code grants tax-exempt status to some clubs organized as not-for-profit entities and operated for the enjoyment or recreation of their members. These can include fraternities and sororities, country clubs, dinner clubs, amateur sport clubs, yacht clubs and hobby clubs. The chief benefit for a 501(c)(7) tax-exempt club is that it does not pay federal taxes on its day-to-day activities, but there are other advantages as well to the club having tax-exempt status. To learn more about what being granted 501(c)(7) status under the tax code means for TSF, please review this overview.
Being granted tax-exempt status is a big milestone in the evolution of TSF. Thanks to all the officers and members who have worked to help us reach this point as an organization.