April 18, 2005
Cheyenne, Wyo.
- Expecting to wait several months for Internal Revenue Service
approval of her request for tax-exempt status for the fledgling
International Masters Athletics Foundation, President Katy Cotton
was excited to receive acceptance just 5 weeks after submitting the
28-page application. Commenting on the quick reply, Cotton, a CPA,
said, "It took us longer to prepare the application, than it
took the IRS to approve it." Cotton credits the professional
expertise of IMAF board member David A. Pope, CPA, local attorney,
Rich Slater, and her own accounting skills for the application's
completeness and accuracy that provided the IRS with a clean
application to review.
IMAF accepts tax
exempt donations from contributors who want to support masters teams
and athletes and then distributes 100% of those contributions to
masters athletes who request support from IMAF. Ultrarunners
aspiring to run on USA Track & Field Masters 100K Team competing
at the 2005 World Masters Athletics 100K may be the first request
for financial support from the newly established IMAF.
Sponsor Commits
to Support IMAF
With the approval
of the application for tax-exemption, it took Ruth Anderson of
Oregon no time to commit to being an IMAF sponsor. Seventy-five year
old Anderson is a pioneer in American women's ultrarunning and a
long time supporter of the sport. For the 2003 USA Track & Field
World Masters athletics team she provided uniforms and pledged her
sponsorship for the 2005 team members who have requested IMAF
sponsorship. For more information about IMAF and the USATF WMA 100K
Team visit http://www.cerritos.edu/lgersitz/IMAF/Home.htm
|
IRS Notice of
IMAF Tax-Exemption
We
have determined that you are exempt from Federal income tax under
section 501(c)3 of the internal revenue code.
Contributions to you are deductible under section 170 of the
Code. You are also
qualified to receive tax deductible bequests, devises, transfers or
gifts under section 2055, 2106 or 2522 of the Code. |
