Valley of Cleveland Foundation receives IRS Approval

We have been notified by the Internal Revenue Service that the AASR Valley of Cleveland Foundation has been certified as a tax free Public Foundation under the provisions of the Internal Revenue Code Section 501 (c) 3. This is wonderful news to both the Valley and to our members. As a member of the Valley of Cleveland you are probably asking what does it mean.

To our members, any donation given to the Foundation represents a tax deductible contribution for income tax purposes on the donor’s tax return (assuming itemization). In addition, the donor can give to the Foundation securities, which have increased in value, and deduct the fair market value of the securities, without having to recognize the gain.

Also, as a member, you can enjoy seeing the results of your contribution through the work of the Foundation in the maintenance of our wonderful facilities located at 3615 Euclid Avenue. If you wish, you have the opportunity to designate where your contribution can be used.

The By-laws of the Foundation details three (3) activities that it may support. These are:

1. Restoration and preservation of the Cleveland Masonic Temple located at 3615 Euclid Avenue. Our building has been approved as an historic site by the State of Ohio Preservation Society and is listed on the U. S. Register of Historic Properties. This means that any donations received can be utilized in upgrading our building and restoring and maintaining this building to its original historic condition. We anticipate that most of the monies received by the Foundation will be used for this activity.

2. Scholarships will be awarded by the Foundation to assist deserving students who are children, grandchildren or great grandchildren, of a member in good standing of the masonic fraternity as recognized by the Grand Lodge of Ohio and the Grand Chapter, OES, or members of youth organizations within the State of Ohio sponsored by said Masonic Organizations in attaining his/her higher education goals.

3. Philanthropy-- It is anticipated that substantially all distributions for this purpose will be made to qualified exempt organizations who administer or provide aid and assistance to those in need. Organizations included here will be the Supreme Council Scottish Rite Northern Masonic Jurisdiction Charities, The 32nd Degree Masonic Learning Center, The Ohio Masonic Home, The Shriner's Hospitals for Children, American Red Cross and the Salvation Army. The Foundation Trustees shall decide at their regular meetings what organizations will receive support and the amount thereof.

More articles regarding the Foundation will be in future issues of the Scottish Rite News. We also wish to remind you that any tax comments are per the Revenue Code. You should contact your Tax Consultant for your particular situation. If you wish clarification, please call the Scottish Rite office at (216) 432-2370 or Wilbur Smith at (440) 526-4768.