The Luminis Group Ltd for BrightStar Wisconsin Foundation Inc.
MILWAUKEE, Nov. 25, 2013 The BrightStar Wisconsin Foundation, a groundbreaking philanthropic approach to supporting job creation and economic growth statewide through investment in early-stage companies, today announced that the Internal Revenue Service has granted the foundations request for tax-exempt status under section 501(c)3 of the Internal Revenue Code. The formal determination of the foundations status as tax-exempt enables it to begin executing its unique strategy of soliciting tax-deductible contributions from corporations, foundations and individuals, and investing that contributed capital in early-state companies that are creating jobs across Wisconsin.
We are extremely pleased to have been granted the tax-exempt status that is at the heart of our novel, philanthropic approach to job creation and economic development, said Jeff Harris, BrightStar Wisconsins co-founder and chairman. We can now officially begin our work to engage donors, raise funds and invest capital in the Wisconsin early-stage companies that are poised for the most growth and job creation.
Because BrightStar is a non-profit organization, more of the capital it raises through charitable giving can be invested. Virtually all earnings and returns from the foundations portfolio companies will be reinvested to create additional high-quality jobs and spur continued growth in Wisconsins economy. Donors are not entitled to any return of their contributed capital or any share of BrightStar’s earnings.
BrightStar Wisconsin was assisted by Tony Handzlik and Amy Barnes of Reinhart Boerner Van Dueren in securing the IRS determination.
About the BrightStar Wisconsin Foundation Inc.
The non-profit BrightStar Wisconsin Foundation is using a groundbreaking philanthropic approach to support job creation and economic growth across Wisconsin through investment in early-stage companies. This new approach will enable the formation of new investment capital in Wisconsin through charitable donations to the foundation. Contributions to BrightStar are tax deductible.