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BID reports 501(c)(3) application still under IRS review; fundraising on hold
Summary
The Downtown BID reported that its 501(c)(3) application remains under IRS review, with the review date shifted from mid-November to early December; board said it will wait on IRS approval before starting formal fundraising.
During the Sept. 29 meeting the board received an update on the BID’s nonprofit formation. The chair reported that the BID’s application for 501(c)(3) status has been filed and remains under review by the Internal Revenue Service. The expected review date has moved from mid-November to early December.
Board members said they plan to wait for IRS action before initiating formal fundraising tied to that nonprofit structure and will report updates to the board as they are received.
