UP North Acquires Tax Exempt Status
Photos and Article by Willie Vergara
 

During the first Chapter meeting of the year  at Ike and Tanya Araneta’s Palo Alto home on Saturday evening, January 21, GP Gerry Abenes amplified on his earlier email announcement, “Good News to Start 2012”.

With an earlier approval of tax exempt status with the Internal Revenue Service, this latest approval by the California Franchise Tax Board makes the UP North a completely legal entity that will enjoy full tax exempt privileges under both State and Federal laws. With regards to Federal Income Tax Returns, the Chapter can opt not to the file at all starting next year, if the annual gross receipts do not exceed $37,500 for the first year, $30,000 after 3 years, and $25,000 after the 4th year. Additionally, Federal laws also allows the Chapter to raise up to 35 percent of its receipts from outside sources, including through investments.

In clarificatory questions made by Brod Johnny Regadio a month ago about this approval, the Chapter is considered as a “social organization” and not covered under the vast fund-raising privileges of a 501c3 non-profit corporation. GP Gerry was applauded by the body for his single-handed efforts towards the pursuit of a successful application of this tax-exempt status, a very much desired standing since the Chapter’s founding in 1983.

In another important item of the agenda, Ike Araneta was unanimously chosen as Chair of the Election Committee that will supervise and oversee the election of the next Grand Princep that will be held in July, per the newly approved Constitution and By-Laws.

Also, as an act of supporting our UP Southern California counterpart and new GP Aman Carolino, the body also contributed an amount of $200 to the Flor Pagador Bowling-Fund Raising Tournament. According to GPs Edsel and Aman, the proceeds of this annual activity will go to their other annual charitable activity -- The Tito de Santos Medical Mission that will be held early next month at the Diliman campus.

It was another well-attended event, with 21 Brods in attendance.

The meeting adjournment signaled the resumption of the usual fellowship-cum-singing with the Chapter’s official band, A Band of Brothers. This time, dapper saxophonist Brod Kiko Delmendo brought with him Glenda Sangalang, a pretty young singer from Vallejo. Glenda, a pharmaceutical student who hails from Southern California, will be a great addition considering that she specializes in songs not usually sang by the band such as those of Beyonce, Mariah Carey, Celine Dion and Barbara Striesand.

Tanya Araneta was again what we have always known – a perfect host. Sumptuous food kept on coming as the night wore on. With the Brods having become mellowed drinkers of fine French brandy and Scotch/Canadian whiskey, there will surely be enough wines and spirits ready to be served during the next two or three meetings.

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