MDI’s request for tax exemption approved
BY LESLIE RICHARDSON, STAFF WRITER
05/11/2007
MAHANOY CITY — Mahanoy Downtown Inc. Vice President
Eric Lieberman announced during Wednesday’s meeting that the
IRS has formally approved MDI’s application for 501(c)(3) status.
“We are thrilled with this designation. Obtaining
the 501c3 approval was our first big goal for 2007 and it puts us
on track to do big things for our downtown,” Lieberman said.
According to Lieberman, one of the primary benefits
of being considered tax-exempt under IRC Section 501(c)(3) is the
ability to accept contributions and donations that are tax-deductible
to the donor. Additional benefits include exemption from federal and/or
state corporate income taxes; possible exemption from state sales
and property taxes; ability to apply for grants and other public or
private allocations available only to IRS-recognized 501(c)(3) organizations.
The status also allows the organization potentially
higher thresholds before incurring federal and/or state unemployment
tax liabilities.
Regarding other activities, MDI is preparing for the
Annual Community Yard Sale to be held May 19. The event will begin
at 8 a.m. and run throughout the day. MDI asks all participants to
register by today to be included on the town yard sale map. Registration
fee is $5. Maps and refreshments will be available at the Mahanoy
Area Downtown Center starting at 8 a.m. on the day of the event.
Interested parties can contact MDI coordinators at
773-1738 or 773-2363.
MDI is also busy preparing for the Night at the Boardwalk
event to be held June 30 in the Wachovia parking lot on West Centre
Street. Last year’s event was canceled due to the damage from
the Flood of June 2006, but MDI is determined to bring this annual
event back bigger and better.
“Night at the Boardwalk is our biggest fund raiser
of the year, so we hope to have good weather and a big turnout for
this family fun event. Mark your calendars!” Kathy Leahy, MDI
Organization Committee co-chairwoman, said.
Food, games, crafters, kids rides, amusement games
and more will be available from 3 to 8 p.m. Entertainment will include
the UNICO Band from 3 to 4 p.m. and The Good Times Band from 4 to
8 p.m. To register as a crafter, vendor, or fund raiser, contact MDI
coordinator at 773-2363.
© The REPUBLICAN & Herald
2007
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