CSPS Hall loses tax exempt status for being behind on tax returns
CEDAR RAPIDS, Iowa (KCRG) -A Cedar Rapids nonprofit that supports the arts has lost its 501(c)(3) status. CSPS Hall told us they lost the designation because they were three years behind on filing tax returns. The status is what allows the nonprofit to be tax exempt.
CSPS has worked to get out of debt under new leadership this year, including new executive director Taylor Bergen. The organization also has a mostly new board including Monica Vernon, the board president.
Vernon told us CSPS hopes to get it’s 501(c)(3) status back and in the meantime they are making sure something like this doesn’t happen again.
”We do feel bad, but we also know that you know you don’t want to cry over spilled milk. What you want to do is clean it up really quickly and make sure you don’t spill it again,” Vernon explained.
Since getting new leadership, CSPS Hall has made agreements with multiple local theatre companies which have helped it improve its financial standing. That includes an agreement with Revival Theatre Company.
”CSPS is an important institution to the cultural fabric of the community. And not just the community, but to other nonprofit arts organizations like Revival Theatre Company,” Brian Glick said, Artistic Director of Revival Theatre Company.
Glick said Revival Theatre doesn’t have a brick and mortar building of it’s own. It’s looking forward to using CSPS Hall as its resident home for performances.
CSPS expects the loss of their 501(c)(3) status to be temporary. Shows slated for the venue will go on.
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