Foundation prepares tax-free application
By LEWIS DELAVAN News editor

PAUL WHITE Attorney

A non-profit application is being prepared for the Benton Panthers Inc. Foundation.

Attorney Paul White said he expects the Internal Revenue Service to approve the request.

Donors may take a deduction for up to 27 months when a group seeks non-profit status, as long as the status is ultimately approved.

White and others working on the complicated application - businessman Paul Childers, accountant Dan Yoakum and athletic director Scott Neathery - are donating their services

The foundation was created to help major Benton School District projects.

Other than cash, donors may chooseto give real or personal property or stocks. An appraiser and certain other requirements exist for property gifts.

One advantage of giving stock, rather than selling it and giving cash, is the donor avoids the capital-gains tax, White said.

"Many people were wanting to donate anyway, even without a tax deduction, but this will be a way of saying 'thank you' for the gift," White said.

Once submitted, he anticipates it will take three to six months for IRS approval.

The foundation's first project will be building a Benton High School softball field. Benton Panthers Foundation Inc. will assist both sports and academics, wherever the need is greatest.

It's endorsed by the school board, and won't compete with booster clubs, as the foundation will pursue major donations from corporations and individuals.

Donors could earmark their gifts for certain projects. Thus, if a giver were interested in building an auditorium, library, sports arena or other certain project, the gift could be so designated.

Corporate gifts will help companies give and enjoy a sense of long-term accomplishment, Neathery said. Alumni will also be asked to participate.

Executive board members are Superintendent Dr. Tony Prothro, Bill McKee, Tom Baxley, Childers and Neathery.