By JIM BROOKS
Nelson County Gazette
S
aturday, June 25, 2011, 10 a.m. — The Nelson County Youth Soccer Association was one of a number of non-profit organizations in the county that have lost its IRS tax-exempt status. The information was published today on the Lexington Herald-Leader.
More than 3,000 tax-exempt organizations in Kentucky have lost their federal tax-exempt status. Many of the organizations are defunct or merged with other groups. Some of those in Nelson County appear to also be inactive.
The NCYSA appears to still be an active organization according to the Secretary of State’s records. Without its IRS non-profit status, donations to the group would no longer be tax-deductible. The group could also lose its state status as a non-profit group unless it has secured its tax-exempt status under a different filing with the IRS.
The Old Kentucky Home Board of Realtors of Bardstown is also on the list. However, that organization — originally founded in 1977 as a non-profit organizaton — reorganized and reincorporated as a for-profit organization organization according to the Kentucky Secretary of State’s office.
Organizations that have lost their tax-exempt status may apply to have it reinstated.
- Other Nelson County groups on the list include:
- Arcturian Center Inc., Bardstown.
- Missing Persons Foundation Inc., Bardstown.
- Onized Club, an NCHS booster club, Bardstown.
- Our Lady of the Rosary Educational, Bardstown.
- Precious Gifts, Bardstown.
- Robin Day Care Center Inc., Bardstown.
- St. John Community Development Center, Bardstown.
- St. Monica Credit Union Inc., Bardstown.
- Lyons Sportsmens Club Inc., New Haven.
- Monastic Business Association Inc., New Haven.
According to a story posted on the Lexington Herald-Leader website, organizations that lose tax-exempt status have the opportunity to reapply.
Non-profits that lose their tax-exempt status must pay federal income tax and could lose state tax exemptions that are based on their non-profit status.
-30-