by Andrea Hill | July 1st, 2011
Raising funds for Quidditch just got a little bit easier.
Earlier this week, the IQA received confirmation that it has been federally recognized as 501(c)(3) tax-exempt public charity.
“I was thrilled,” said IQA commissioner Alex Benepe. “It just shows that [as an organization] you’re more dependable and trustworthy so it’s easier to raise money.”
For the last year, the IQA has been listed as a domestic non-profit corporation. This meant it was a recognized organization in the state of Vermont, but was not a public charity.
Any donations the IQA received were not automatically tax deductible. They needed to be sent to the Harry Potter Alliance, the IQA’s fiscal sponsor, to be processed before donors could receive tax receipts.
Now IQA executives can do that themselves.
The IQA is also exempt from federal income tax, has access to free business software and is better able to apply to foundations for grants.
“If you’re just a domestic non-profit, foundations don’t take you as seriously and some just won’t let you apply at all,” Benepe said.
The news came after nearly eight months of paperwork and financial organization by IQA staff and a lawyer who offered to assist the association with the application process pro-bono.