Clackamette Mineral and Gem incorporated on February 15th 1965 with the State of Oregon as a non-profit. The group applied to the I.R.S. and was granted status as a 501 (C)(7) non-profit corporation. This is how CMGC operated for many years. Dr. Dean Arrasmith who was our Federation Director looked into our I.R.S. filing status to insure that we were in compliance with I.R.S. statutes. He raised some questions about whether we were in compliance. The main concern was whether or not the income from our annual show was in accordance with our 501 (C)(7) filing status. Upon review the Board of Directors felt that our operations were more consistent with those of a 501 (C)(3).
The Board formed several committees and enlisted the aid Of Honorary Member Michael Kokinos in order to facilitate the application process with the I.R.S. to change our status to a 501 (C)(3). This included amending our Bylaws and Articles of Incorporation and filing the proper paper work with the Oregon Secretary of State’s Office and the Oregon Attorney General’s office. The I.R.S. approved our application and changed our filing status to a 501 (C)(3) retroactively to our original incorporation date of February 15th 1965. We are incorporated as a charitable and educational organization.
We hope this overview is helpful in understanding some of the benefits and responsibilities that go along with being incorporated as a 501 (C)(3). While the purpose of this article is educational it is not meant to suggest that everyone can take advantage of any or all of the tax deductions that are listed. You need to contact a tax professional to see if they fit your individual circumstances.
If you have any questions or concerns regarding our non-profit status please contact me or one of the other Board members.