Beaverdale Homeowners Association Not What it Says it is

The Beaverdale Homeowners Association, one of three entities confusingly organized to take Rice Field private and preserve it as green space purports to be a 501(c)(4) organization for tax purposes.  You can see its articles of incorporation at the Iowa Secretary of State's website.

The problem is it doesn't qualify.  Its articles state that the proceeds from the sale of Rice Field (if it ever owns it, a really, really big IF) will inure to the benefit of its members.  This disqualifies it as a 501(c)(4) entity.  See http://tinyurl.com/l8sx3

And donations to 501(c)(4)'s are not tax deductible.