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Youth Sailing
The MYC Foundation is an independent non-profit organization, created to support the Minnetonka Yacht Club, Lake Minnetonka Sailing School, and any number of other amateur sailing organizations or campaigns. The Foundation’s support of amateur sailing has two general prongs, of equal importance. One is to grow, over years, an endowment from which revenue is generated for grants to the Foundation’s primary sailing beneficiary. The second is to serve as a conduit for donations received for a specific, and approved, amateur sailing purpose.
The MYC Foundation was created in April 30, 2002. The Articles of Incorporation clearly stated Foundation’s primary beneficiaries to the world, and to the Internal Revenue Service: Beneficial preference shall be for such functions conducted by or on behalf of The Minnetonka Yacht Club, first; by or on behalf of the Lake Minnetonka Sailing School, the Wayzata Yacht Club, and the Upper Minnetonka Yacht Club, second; and by or on behalf of other organizations and associations, third.
On May 19, 2003 the IRS issued the Foundation’s advance ruling of qualification to receive tax deductible donations under Internal Revenue Code §501(c)(3), and a final status approval on May 26, 2007.
A letter of appreciation, and acknowledgment is sent in return for every acceptable donation received by the Foundation. A donation may be discussed with, and delivered to any Foundation board director. MYC officers often interact for MYC Foundation and sailing enthusiasm donations.
The world and IRS also were advised that the MYC Foundation always will be biased favorably for Lake Minnetonka sailing: “At least two-thirds of the directors must be present or past directors of The Minnetonka Yacht Club board of directors.”
Directors:
Harry Campbell III; Mark Christensen; Jule Hannaford; Pat Hughes; Doug McNaught; Jason Ostbye; and Wm. Skip Dickel, President, 763.443.5941Date
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