non-profit status

Deductibility of Contributions: World Sport Chicago has not yet been recognized as a Section 501(c)(3) charitable organization. World Sport Chicago intends to submit Form 1023 applying for recognition of exempt status from the IRS in the near future, but has not done so yet. World Sport Chicago anticipates it will be recognized as exempt retroactive to the date of its incorporation, in which case charitable contributions to World Sport Chicago made after the date of its incorporation would be tax deductible. If the IRS were to determine that World Sport Chicago does not qualify as exempt under Section 501(c)(3) donations to World Sport Chicago would not be tax deductible. In addition, please note that amounts paid to sponsor a bus for your employees would not be deductible as a charitable contribution.