The Greater Sacramento Area Economic Council, an upstart organization seeking to establish itself as the region’s top recruiter of corporations, has achieved one significant milestone: non-profit status.
The Area Economic Council learned that its non-profit status was approved by the Internal Revenue Service, the group’s spokeswoman Carolyn Becker said Tuesday. That means any funds donated to the organization are tax deductible, which could be crucial as the Area Economic Council attempts to build momentum. The organization said earlier this summer that it had commitments totalling $1.5 million.
The organization, launched earlier this year by a group of local chief executives, is trying to become an alternative to SACTO, the 40-year-old Sacramento Area Commerce and Trade Organization. SACTO is a non-profit as well.
Barbara Hayes, SACTO’s chief executive, said in a recent letter to her organization’s members that SACTO has been in discussions with the Area Economic Council about a possible “organizational consolidation,” but nothing has been resolved yet.
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The interim director of the new organization, SureWest Communications CEO Steve Oldham, said in a previous statement that his group is “committed to working with organizations from across the region.”