This is a fairly common arrangement at Universities who are members of Division I of the NCAA. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
District of Columbia Agreement to Loan Automobile to University Athletic Department for Promotional Purposes
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Organizations classified as tax-exempt under Section 501(c)(3) must file Form 990 with the IRS. This filing is essential for maintaining tax-exempt status and ensures transparency for public donations. Additionally, several other tax-exempt organizations must file this form, including private foundations. Knowing your filing obligations can help avoid penalties and ensure compliance.