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The organization that will operate and maintain Overton Park under contract with the city of Memphis got its tax-exempt status over the holidays.
The Overton Park Conservancy’s application for 501(c)(3) status was approved by the Internal Revenue Service Friday, Dec. 23.
With the status, the conservancy can officially acknowledge financial gifts to the effort as well as city funding, which is expected to be less than the city now spends annually to operate the park.
Gifts pledged before the status was granted include $1.5 million from the Plough Foundation, $500,000 from the Hyde Family Foundations and more than $1 million in individual pledges.
The Memphis City Council approved the contract between the city and the conservancy on Dec. 6.
Following that, the organization submitted its application to the IRS with pro bono law work provided by the Burch, Porter & Johnson PLLC law firm and U.S. Rep. Steve Cohen of Memphis working to expedite the approval before the end of 2011.
