The Veteran’s Memorial Golf Club Foundation has been notified by the Internal Revenue Service that it has been designated as a 501(c)3 non-profit organization.
“It was critical that the organization receive the non-profit designation. Those who have supported VMGC will now be able to receive tax benefits for their contributions,” said Tom Lovell, VMGC board president.
The City of Clear Lake acquired the former All-Vets Golf Course in 2011 and entered into an operating agreement with the newly-created Veteran’s Memorial Golf Club Foundation in April of 2011.
“As a non-profit organization, the City and its taxpayers can be assured that any profits realized at the course will be reinvested back into the course and the continued operation of this significant, historical, community, recreational attraction,” said City Administrator Scott Flory.
“We believe that City ownership together with non-profit operation put VMGC on a course for long-term sustainability and a lasting tribute to the Veterans of North Iowa,” added Mayor Nelson Crabb.