To Everyone:

I posted the following reply to Eric on the Club BB. I post it here because of the importance I place upon it:

Good Morning Eric,
Thank you for explaining why we must use the "official" club name - The Casino Chip and Gaming Token Collectors Club, Inc.

Eric obtained for us the coveted IRC Code Section 501(c)(3) tax exempt status. It took a great deal of work on his part to accomplish it. For this, the club owes Eric its eternal gratitude.

Is it a difficult status to obtain? Well let me tell you this; my local Southern Nevada Chapter was only able to obtain IRC Code Section 501(c)(7) status. What does this REALLY mean in plain English.

It means our National club has the same status as any other public charity operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes.

In other words any donation to our National organization is tax deductible for federal tax purposes to the donor. The building fund donations are included. Yes, even our yearly dues are deductible.

If someone were to donate their collection to our organization it would also be tax deductible. How we would control the donation is another issue.

The Southern Nevada Chapter even though it is tax exempt can not have its contributions deductible by the donor. So you see how distinct and VALUABLE this status Eric obtained for us is.

However, with this status comes responsibility. We must always insure we elect the finest individuals we can to represent us on the board. In addition, we must always be vigilant and never allow ANYONE to try and convince us that our club should ever become a public corporation with its members holding stock regardless of how large we should ever become. If you ever remember anything I have ever written or said ALWAYS remember this:

Beware of any individual(s) who even suggest such a change for he/she is not pure of heart!

As our building fund becomes larger and larger the threat of individuals trying to figure out a way to obtain those funds for their own selfish interests becomes greater and greater.

Thanks Eric for all you have done for our fine organization.

Best, Jim Perlowski