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Problem - Falcon Basketball League, an exempt organization, is a youth basketball league for children ages 12 through 14. The league has been in existence for 30 years. In the past, revenue for operations has been provided through community fund-raising and the sale of snacks at the games by the parents. Due to a projected revenue shortfall of approximately $5,000, the governing board has decided to charge admission to the basketball games of $1.00 for adults and $0.50 for children.
Required -
a. Will the admission charge affect Falcon's exempt status? Explain.
b. What are the tax consequences to Falcon of the net income from snack sales and the new admission fee?
c. As the volunteer treasurer of the Falcon League, prepare a memo for the entity's board in which you explain the effect, if any, of the admission fee policy on Falcon's exempt status.
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