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We have been fielding some questions this week related to ISTR as well as the raffle. If you are still unclear as to what ISTR is, you’re not alone. All I can say is it will come into focus over the next few months. I hate to be cliché, but Rome wasn’t built in a day, nobody likes change, etc etc. Just hang in there and if you are a true SyTy enthusiast, you shouldn’t be disappointed.
As for this raffle, it is just the first of many we hope to do. We’ve discussed doing them monthly, quarterly, maybe even have two going on at the same time. It comes down to several factors like, what prizes we can get our hands on that people would want to try and win, if we are purchasing the raffle item of if its donated to us to be raffled off and of course, filing the appropriate paperwork for each raffle. The question of legality did come up this week, so I want to assure you that this is not a scam or “joke” of any sort. ISTR is a legitimate Nonprofit Organization and our constitution and bylaws will be made public once we get them back from being reviewed by our lawyer. In the meantime, here's some info pertaining to our rights to conduct these raffles and the consequences of said raffles:
Any money raised by ISTR through this or any other raffle, sales of merchandise or membership dues, will be put back into the SyTy community. It may be in the form of truck documentation, reduced cost for SyTy events, free meals at SyTy events, free prizes done at random drawings throughout the year and of course fees related to the website and storage.
We understand that this is new and different, but that is exactly what this community needs. We are working on other ways to revive this otherwise stalled community and make SyTys great again!
As for this raffle, it is just the first of many we hope to do. We’ve discussed doing them monthly, quarterly, maybe even have two going on at the same time. It comes down to several factors like, what prizes we can get our hands on that people would want to try and win, if we are purchasing the raffle item of if its donated to us to be raffled off and of course, filing the appropriate paperwork for each raffle. The question of legality did come up this week, so I want to assure you that this is not a scam or “joke” of any sort. ISTR is a legitimate Nonprofit Organization and our constitution and bylaws will be made public once we get them back from being reviewed by our lawyer. In the meantime, here's some info pertaining to our rights to conduct these raffles and the consequences of said raffles:
ISTR is founded as a Non Profit Organization (referred to as an NPO hereafter), recognized by the United States of America, granted it's status by the State of Georgia, under the authority of the Georgia Secretary of State, Brian P. Kemp. See pdf below for Certificate of Incorporation.
Under Georgia Law, any NPO is required to obtain a Special Raffle License, applied for in the county of origin (in our case, Bulloch County). ISTR complies with this by applying for and obtaining this License from the Bulloch County Sheriff, Noel Brown. See image below for current raffle license status.
Under US Tax Law, an NPO is subject to a 25% tax for raffle items exceeding $5000 in value. This is not and will not be the case with our raffles. All raffles will maintain a monetary value less than or equal to $5000.
Under US Tax Law, an NPO is required to withhold the necessary taxes for raffles exceeding $5000, and report this withholding on IRS Tax Form W-2G. Again, this is not the case with our raffles due to monetary value limitations.
Under US Tax Law, an NPO is no longer required to file IRS Form 3605 requesting exemption for raffles. This exemption is now deferred to the county Sheriff provided license.
- Michael Hood, ISTR Treasurer
Under Georgia Law, any NPO is required to obtain a Special Raffle License, applied for in the county of origin (in our case, Bulloch County). ISTR complies with this by applying for and obtaining this License from the Bulloch County Sheriff, Noel Brown. See image below for current raffle license status.
Under US Tax Law, an NPO is subject to a 25% tax for raffle items exceeding $5000 in value. This is not and will not be the case with our raffles. All raffles will maintain a monetary value less than or equal to $5000.
Under US Tax Law, an NPO is required to withhold the necessary taxes for raffles exceeding $5000, and report this withholding on IRS Tax Form W-2G. Again, this is not the case with our raffles due to monetary value limitations.
Under US Tax Law, an NPO is no longer required to file IRS Form 3605 requesting exemption for raffles. This exemption is now deferred to the county Sheriff provided license.
- Michael Hood, ISTR Treasurer
We understand that this is new and different, but that is exactly what this community needs. We are working on other ways to revive this otherwise stalled community and make SyTys great again!
Attached Files