Wow, where did this year go? Can you believe its less than 30 days till the Winterfest Christmas Boat Parade. Yes folks the holidays are just about here regardless if you like it or not.
Winterfest is a not-for-profit organization (501c4). Founding sponsors include the Marine Industries of South Florida, Realtor Association of Greater Fort Lauderdale, the City of Fort Lauderdale and the Greater Fort Lauderdale Chamber of Commerce.
Section 501(c)4 exempts from taxation “social welfare” groups, that is, civic leagues or organizations not organized for profit but operated exclusively for the promotion of social welfare … and the net earnings of which are devoted exclusively to charitable, educational, or recreational purposes.” Although the statutory language states that such organizations must operate “exclusively” for the promotion of social welfare, IRS regulations state that these organizations must only be “primarily engaged” in promoting social welfare: An organization is operated exclusively for the promotion of social welfare if it is primarily engaged in promoting in some way the common good and general welfare of the people of the community. An organization embraced within this section is one which is operated primarily for the purpose of bringing about civic betterment and social improvements. However, it is not able to receive tax-deductible donations.
For more information visit www.winterfestparade.com