IRS allows Prospect Foundation to remain tax-exempt
As the April 15 tax deadline approaches, many Americans are beginning to worry about dealing with the Internal Revenue Service.For officers of Prospect Foundation, the eating clubs' primary fund-raising organization, their IRS worries may finally be over.According to Prospect Foundation chief legal counsel Robert Haines '61, an IRS audit that threatened to end the foundation's tax-exempt status is in the final stages of being resolved.Prospect Foundation, which is currently affiliated with all eating clubs except Charter Club and Tiger Inn, was founded in 1959 to facilitate tax-deductible donations from alumni to the eating clubs, said foundation treasurer Gordon Harrison '68.