501(c)(3) Status Granted

Friends of Opossum Lake Conservancy, a Pennsylvania Non Profit Corporation, is pleased to announce that it has been granted Federal IRS Tax Exempt status as of April 2006. 

Here's more on what this means for our members and donors...

1. Donors can deduct gifts to FOLC on their federal and state income tax returns.   For those who donate $250 or more you will receive a written acknowledgment of your contribution in January of the following year to use with your tax filing.
2. Non profit corporations enjoy an exemption from corporate income taxes on any retained profits from activities related to their purpose.
3. Directors and Board Members of nonp

   rofit corporations are generally protected from personal liability, meaning that their financial assets (money, houses, etc.) are not at risk.

Additional Information:    http://www.corporate.com/nonprofit.jsp and
                                          http://www.irs.gov search for publication 526 Charitable Contributions.