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Quarter Mile Foundation Formed
Project 1320 Parent Becomes Not-For-Profit Foundation
November 11, 2009 - For Immediate Release
Quarter Mile Entertainment, LLC, the production parent company of PROJECT 1320 announces it has changed its corporate structure to
become a not-for-profit educational charitable corporation, and submitted the change for acceptance to the Internal Revenue Service
under the provisions of Section 501(c)(3) of the Internal Revenue Service Code.
The corporate name change to the Quarter Mile Entertainment Foundation reflects the change of status of the organization. Currently, the organization is
considered a ěpendingî charitable foundation by the Internal Revenue Service (I.R.S.) and will continue with that status until it is accepted by the I.R.S.
ěWe discovered the advantages of the Not-For-Profit charitable foundation status far exceeded our initial position as a Limited Liability Corporation,î
said Traci Hrudka, Chairman of the Board for Quarter Mile Entertainment Foundation. ěWe found there were significant benefits for the organization and for
the supporters, plus the foundation approach was much more in line with our charter than the LLC structure.î
As a foundation, even with the current ěpendingî status, the participants ‚ corporate sponsors and members of the ěFriends of PROJECT 1320î ‚ receive the
benefits of a charitable tax deduction for their participation with the Quarter Mile Foundation for the calendar or fiscal year of the contribution.
The Quarter Mile Entertainment Foundation Board of Directors consists of Traci Hrudka (Chairman), Steve Cole, Harry Hibler, Carl Olson, Doug Dywer, Don
Ewald and Wayne Wolfe. The Advisory Board consists of Darwin Doll, Wally Booth, Stephen C. Krystek, Don Garlits and Bill Pratt.
Additional information will be forthcoming when the Quarter Mile Foundation Corporation receives its notice of approval from the Internal Revenue Service.
EDITOR NOTE: Until further notification by Quarter Mile Entertainment Foundation, all references to the foundationís not-for-profit status must be referenced
as a ěpending not-for-profit foundation.î Please understand this is a requirement of the Internal Revenue Service. We appreciate your assistance!
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