Philanthropy in private clubs and the golf industry has been on the rise. This trend is reflective of an increasing desire by clubs and their members to share their wealth and support the local communities of which they are an integral part.
A related trend is the proliferation of club-related foundations to facilitate giving and encourage club members and the public to make tax-deductible contributions toward various worthy projects. While many clubs have gifting programs that are not tax-advantaged, this fourth article in the club philanthropy series will focus on some typical club foundations that provide an incentive to their members to get involved in various initiatives that qualify for favorable tax treatment by the Internal Revenue Service (IRS). We will also provide examples and details regarding how club-related foundations are being used to give readers ideas that can be implemented at their clubs as well as best practice ideas, cautions, and recommendations.
Download the fourth article in a series on Philanthropy in Clubs which was originally published in Club Director and co-authored by Kevin F. Reilly, J.D., CPA, CGMA.
Reprinted with permission from the fall 2020 issue of Club Director published by the National Club Association.