Dear SDBC Member,
The Club is in the process of converting to a tax-exempt 501(3)(3) entity. As a tax-exempt, sponsors will be able to deduct contributions to the Club as charitable deductions. This should enhance our ability to obtain more corporate sponsors.
To affect this change, the state of California requires that we amend our Articles of Incorporation with the following changes:
- Expressly state that we will not engage in any activity that is not permitted under IRS rules pertaining to 501(c)(3) entities,
- Upon dissolution of the Club, all assets will be distributed only to another tax-exempt entity, and
- Both the Board and the Members have approved these changes.
The restated Articles of Incorporation that we propose to adopt can be viewed by clicking the following link - Restated Articles of Incorporation.
We will conduct an email vote next week and will be have paper ballots available at UCC before the Saturday ride September 12.
San Diego Bicycle Club