The Chicago Velo Campus is in the process of filing for its 501 (c) (3) status.
Chicago Velo Campus is currently an Illinois L3C.
The L3C is a low-profit limited liability company, that functions via a business modality that is a hybrid legal structure combining the financial advantages of the limited liability company with the social advantages of a non-profit entity.
An L3C runs like a regular business and is profitable. However, unlike a for-profit business, the primary focus of the L3C is not to make money, but to achieve socially beneficial aims, with profit making as a secondary goal. The L3C thus occupies a niche between the for-profit and charitable sectors.
Excerpt from Chicago Velo Campus Article of Organization:
1. The company intends to qualify as a low-profit limited liability company pursuant to Section 1-26 of the Limited Liability Company Act and shall at all times significantly further the accomplishment of one or more charitable or educational purposes within the meaning of Section 170 (c) (2) (b) of the Internal Revenue Code of 1986.
2. No significant purpose of the company is the production of income or appreciation of property.
3. No Purpose of the company is to accomplish one or more political or legislative purposes within the meaning of section 170 (c)(2)(d) of the Internal Revenue Code of 1986
4. Without limiting the foregoing, one specific purpose of the company is the taking of lawful actions that are necessary or desirable for the promotion, placement, construction, operation and all other related activities for an enclosed velodrome and outdoor cycling complex (as well as related or incidental facilities in the Chicago area
The community center and interim track will be run as a stand alone entity registered as a 501 (c) (3) NOT FOR PROFIT