In March, after wading through much red tape, HMGS Great Lakes finally obtained recognition from the IRS as a tax exempt organization under Section 501(c)(4) of the Internal Revenue Code. Members are advised, however, that contributions to HMGS Great Lakes, including membership dues, are NOT tax deductable for federal income tax purposes.

Upon obtaining this recognition, the chapter then applied for the nonprofit bulk rate with the US Postal Service. Unfortunately, the postal service determined that HMGS-Great Lakes does not qualify for the nonprofit rate under the USPS regulations. However, the chapter may now utilize normal bulk rate, which will provide some cost savings over the normal first class postage rates.

Summary of Treasury Activity (as of May 7, 1998):

Previous Treasury Balance $3,424.55

Income:
Membership Dues $80.00

Expenses:
Bulk Rate Application Fee ($85.00)
Printing & Postage Costs for Herald #22 ($151.83)
Precancelled Bulk Rate Stamps ($25.00)
Copies of Documents for Bulk Rate Application ($5.85)
Bank Service Charge (for March & April) ($12.70)

Ending Balance $3,224.17