South Lamar Chamber of Commerce

“Late filing relief - covid 19 related after incorporating in september 2018, the south lamar chamber of commerce applied for (via filing form 1023) and received notice of its approved tax exempt status on july 29, 2019. The entity selected august 31, 2019 to serve as the last day of its initial fiscal year, thereby marking august 31 as being the last day of each fiscal year there after. Consideration 1 to support reqeust for penalty abatement: the chamber's initial form 990 would have been due on 1/15/2020, at which time an extension of time to file was requested, making the extended due date become 7/15/2020. And then covid-19 arose, and the initial due date for all personal income tax returns had been extended until that date, 7/15/2020. Quite frankly, with the extensions, covid-19 shut-downs, etc., we simply overlooked and failed to file the initial return by the 7/15/2020 due date. No doubt this has been a year unlike any other in our lifetime. We respectfully request the abatement of any penalty associated with this unfortunate late filing. Consideration 2 to support request for penalty abatement: as set forth in form 1023, the chamber's revenues normally fall well within the 50,000 threshold that would have allowed the chamber to have filed a form 990-n. In fact, aside from the sale of the commercial property (the only piece of property owned by the chamber) as described both within this return and within the form 1023, the chamber's revenues in fye 8/31/2019 totaled less that 2,500. The sale of the parcel of real estate was certainly not within the definition of what would be deemed "normal" for the chamber. Had the filing oversight not ocurred, a form 990-n appears would have been sufficient. As you are well aware, the form 990-n would have provided minimal information and would have been fully compliant. In fact, we have already filed a form 990-n for the fiscal year ended 8/31/2020. It is for the above circumstances and/or reasons that we respectfully request the abatement of any penalty that may possibly be assessed in relation to this unfortunate late filing. The chamber is simply attempting to serve in ways to enhance and support the local community and commerce.”

“Commumity festivals, net 1,599 total 1,599”

“Expenses ads & printed banners 475 printing 82 maintenance 150 utilities 2,891 halos community org 500 misc 150 total 4,248”

“Promoting commercial and civic activities that are aimed at improving the overall well-being of the residents in the southern part of lamar county, alabama. As an unincorporated entity for several years, the chamber has provided historically been involved in various community enhancement events such as street fair festivals, christmas pageants, christmas parades, etc. A few years ago the county government gave a piece of property (an old national guard armory building that had stood vacant for many years) to the chamber to used as the chamber for community enhancement projects. After exploring various possibilities and using it for various communinty events, it became such that the chamber could no longer afford to maintain the property given the very limited receipts that it had each year. Aside from the ongoing maintenance costs that could not be afforded, the need for a new roof system was being faced as well. After consulting with the county government, it was decided that the most viable alternative was to put the building up for sale. In the fall of 2018, the old armory building was sold to a transportation company specializing in the tranportation of wood products. The company was a mississippi based company not currently located in the area. Its aquisition of the building allowed them to bring many new jobs into the area. The sale itself allowed the chamber to meet one of its goals of community enhancement/support. The net proceeds from the sale of the building totaled 111,478. The chamber had no available cost basis to report. The was no fair market value amount assigned to the building at the time of the donation from the county that we are aware of. Accordingly, the sale event "converting the previously donation to cash" is reflected herein entirely as a gain on sale. Following the sale, the proceeds were used to open a new money market account as well as invest in an 100,000 cd. Plans are to use these monies, along with the interest earnings thereon, to continue pursuing other community enhancement and support projects in the future.”