Northport High School Academy of Finance Advisory Board forms 501(c)3 Non-Profit

This fall, the Executive Advisory Board of the Northport High School Academy of Finance (AOF) officially formed a 501(c)3 charitable organization, titled “Northport Students Mean Business Inc.” after gaining approval by the Northport-East Northport School Board earlier this year. In doing so, Northport Students Mean Business Inc. joins Students for 60,000 and A Midwinter’s Night Dream as one of three 501(c)3 student groups at Northport High School.

Northport Students Mean Business Inc. will serve as the fundraising arm of the AOF program, leveraging its capabilities as a non-profit organization to pursue fundraising opportunities that would otherwise be out of reach of the AOF program. Northport Students Mean Business Inc. will be overseen by a dedicated Board of Directors, headed by President and AOF alumnus Connor Nolan with support from Treasurer John DeFalco, 1st Vice President Todd Bellestiri, Secretary Joseph Alicata and Director Linda Furey.

501(c)3 status signifies specific exemptions from federal, and in New York, state income taxes which gives an organization greater flexibility in pursuing charitable donations. Donors to 501(c)3 groups can write off their donations, further incentivizing donations. Organizations that are exempt under IRS Section 501(c)3 are those whose purposes are religious, charitable, scientific, literary or educational.

Northport High School AOF Coordinator Allison Schwabish explained that achieving 501 (c)3 status is a major benefit to the AOF program; “Forming a 501(c)3 has been a goal of the AOF program for some time now, it grants us greater flexibility and access to much needed donations to help expand the programs and benefits offered to our students.”

John DeFalco, a partner at Sheehan & Co.CPA P.C and a member of the AOF Advisory Board, spearheaded the establishment of Northport Students Mean Business Inc. and was instrumental in gaining its approval by the school district as well as the federal and state authorities; “As board members, it is our responsibility to ensure that we are providing every educational opportunity to our students to help them learn and grow in an ever expanding financial world. But to do so, it is necessary to procure adequate funding to create greater flexibility to adapt to the ever changing world of finance and business and obtaining the 501(c)3 status will certainly help us in continuing our success in better preparing our students for the future.”

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