A new charitable corporation has been formed at Lake Panorama that will now allow donors to make tax-deductible contributions toward the lake, something that hadn’t been possible in past years.

“Friends of Lake Panorama” filed its Articles of Incorporation with the Iowa Secretary of State’s Office back in November and the corporation’s Board of Directors met for the first time last month.  The Directors say they will now be submitting an application to the IRS to be deemed a 501(c)(3) non-profit organization sometime in the coming weeks.

Residents who had been giving to the Lake Panorama Association, which is a 501(c)(4) non-profit organization, were not eligible to receive tax deductions from their charitable contributions.  Also, funds given to the LPA via an individual’s will were subject to a 15% inheritance tax.

However, once “Friends of Lake Panorama” is accepted by the IRS, donations to the organization will be tax-deductible and estate gifts will be exempt from inheritance tax.

Anyone with questions about “Friends of Lake Panorama” can contact the LPA Office at 641-755-2301.