What does being a Non for Profit Organization mean to Bethalto FC?
As a nonprofit organization, Bethalto FC operates solely for the benefit of its members and the community, rather than to generate profits for shareholders or owners.
Key characteristics:
- Tax-exempt status: Nonprofit organizations are exempt from paying taxes on donations and other revenue.
- Public benefit: Nonprofits must serve a public benefit or charitable purpose.
- No private gain: Profits cannot be distributed to individuals or shareholders.
- Volunteer-driven: Nonprofits often rely on volunteers to achieve their mission.
Benefits of Non for Profit Status for Bethalto FC
- Reduced costs: Tax exemptions help allocate more resources to programs and services.
- Credibility: Nonprofit status demonstrates commitment to public benefit.
- Eligibility for grants: Nonprofits can apply for funding from foundations and government agencies.
- Community engagement: Nonprofit status encourages community involvement and volunteerism.
How does Bethalto FC use its Non for Profit Status?
- Providing affordable programs: Keeping costs low for members and offering scholarships.
- Investing in community development: Supporting local youth and promoting healthy lifestyles.
- Building partnerships: Collaborating with local businesses and organizations.
Transparency and Accountability
As a nonprofit, Bethalto FC is required to:
- File annual reports with the IRS (Form 990).
- Disclose financial information.
- Govern with a board of directors.