Young Professionals Association of Louisville

“During the tax year ended june 30, 2025, the organization's federal tax-exempt classification was changed from section 501(c)(6) (business league/trade association) to section 501(c)(3) (charitable organization). This change was made to more accurately reflect the organization's revised mission and activities, which are now exclusively charitable, educational, and scientific in nature and no longer primarily focused on promoting the common business interests of members. The organization filed form 1023 (application for recognition of exemption) with the internal revenue service to request reclassification under section 501(c)(3). The irs approved this change and issued a new determination letter dated february 12, 2025, recognizing the organization as exempt under section 501(c)(3) of the internal revenue code, effective june 13, 2024. The organization's governing documents (articles of incorporation and bylaws) were amended accordingly to include the required charitable purpose and dissolution clauses.”

“The 990 is prepared by the organization's accounting firm. The 990 is reviewed by the treasurer who then reviews with cpa and finance committee.”

“The young professionals association of louisville (ypal) determines the compensation of its executive director through a review and approval process conducted by the ypal board of directors. The board considers factors including the organization's size, scope of responsibility, comparable compensation data from similar nonprofit organizations in the region, and the executive director's experience and performance. The executive director's compensation is tied to organizational revenue growth and success in sponsorships, membership engagement, and event outcomes. The compensation amount and any adjustments are reviewed and approved annually by the board and documented in the meeting minutes to ensure compliance with irs reasonable compensation standards.”

“Young professionals association of louisville's 990s are available on the irs tax exempt organization search database. Financial statements and governing documents to be be published on ypal.org website.”