IRS Approves Tax Exempt Status for Friends of Lake Panorama

For many years, people have donated money to improve amenities at Lake Panorama or provided gifts in memory of loved ones. Yet those donations could not be deducted on the giver’s taxes.

A new group will change that. Articles of Incorporation for the Friends of Lake Panorama were filed with the Iowa Secretary of State’s office November 1, 2013, and an application for 501(c)(3) designation was submitted to the IRS January 17, 2014.

A July 2, 2014 letter from the IRS stated the Friends of Lake Panorama is exempt from federal income tax, and contributions to the public charity are deductible under federal law. The letter also stated the group is qualified to receive “tax deductible bequests, devises, transfers or gifts” under federal law.

The Friends of Lake Panorama is a corporation organized and operated exclusively for charitable purposes, and is completely separate from the Lake Panorama Association.

A seven-member Friends of Lake Panorama board of directors has been formed. Board members are Kirk Fischer, Bob McCleeary, Jan Reinicke, James Spradling, Tricia Steffen, Kent Stephenson and Jodi Sutton. Susan Thompson is assisting the group.

At its first meeting last December, the board developed a list of current needs, as well as new projects that could be undertaken immediately or planned for the future. Emphasis was on improving existing facilities, and developing new amenities that will benefit the Lake Panorama community.

Now that the group’s non-profit status has been confirmed, discussions can continue on specific projects for targeted fundraising. Attention also will turn to fundraising efforts, recognition programs, and soliciting feedback from the Lake Panorama community on possible projects and fundraising plans.