GALA Foundation Formally Established, Recognized by IRS
After years of filling out paperwork and working with the DC law firm of Arent Fox as our guide, GALA recently received notification from the Internal Revenue Service that The William and Mary GALA Foundation, Inc. — a nonprofit 501(c)(3) public charity separate from William and Mary GALA, Inc. — has been incorporated in the District of Columbia and recognized by the IRS.
The Foundation, under a small Board of Directors made up of several former GALA presidents, will now begin the work of setting up accounts and fund raising efforts to complement the educational and charitable goals that have long been a major part of GALA’s mission. “Having the Foundation active will enable us to solicit major gifts and bequests on a tax-exempt basis,” said Foundation President Wayne Curtis, “where in the past we had to rely on finding a friendly partner within the University to be able to offer that kind of tax treatment to the donor.”
GALA President Scott Binnings commented that he did not expect the Foundation would diminish members’ willingness to support the parent organization. “William and Mary GALA will continue to offer the capability to provide social and political support to our members and the College community; purposes that are just as vital to the quest for equality, but that are not eligible for Federal tax exemption.”