Tuckahoe Jaycees Foundation
The Tuckahoe Jaycees Foundation is a corporation organized under the laws of the Commonwealth of Virginia that was created to support those community development projects of The Tuckahoe Jaycees, Inc. which are charitable in nature. The Internal Revenue Service has recognized it as a 501 c 3 organization, which means it is the equivalent of a charity. Accordingly, donations made by the public to the Foundation are tax-deductible. This differs from the tax treatment of donations made by the public to the Chapter, which are not deductible even when made in support of a community development project.
The Foundation has passed a resolution that requires a majority vote of its Board of Trustees before a Chapter project can be supported. Thus far, the Foundation has supported the Chapter’s Independence Day Celebrations from 1990-1998 and the Sgt. Santa Christmas Ball from 1994 – 1996.
Support of a project by the Foundation simply means that the Foundation will allow all gross receipts of the project to be run through the Foundation’s treasury. I.R.S. regulations require that the Foundation, after the payment of expenses, distributes all net proceeds to charity. The I.R.S. allows, however, the Foundation to retain a portion of net proceeds to cover administrative expenses and to maintain a reserve for seed money and against losses of future Chapter projects that are supported by the Foundation.
It is important to emphasize that the Foundation does not have members and, other than the management of its bank account, assumes no responsibility for the management of any project of the Chapter that it supports. You should also note that the Chapter’s President, Community Development Vice President and the Corporate Sponsorship Director are voting Trustees of the Foundation’s Board of Trustees.
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for a list of the
Tuckahoe Jaycees Foundation Board of Trustees