November 30, 2010; Source: Steamboat Today | In Steamboat Springs, Colo., an organization charged with distributing a local tax levy to K-12 educational programs has been fined by the IRS for failure to file their 990 tax forms for four consecutive years. The Education Fund Board, which is slated to receive approximately $2 million in tax revenue to distribute in FY 2011-2012, will appeal the penalty on the grounds that they were unaware of the failure.
The group has released their accountant but in a resource scarce environment this situation will probably not go over well with taxpayers. The board chair, Kristi Brown, told Steamboat Today, “We definitely don’t want to overreact . . . I would hate for everybody to get all worked up about it and upset about it when our penalties could be reduced or eliminated.”—Ruth McCambridge