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BCMS NEWS
CORPORATE CHANGES TO THE
BEXAR COUNTY MEDICAL SOCIETY
By Stephen Fitzer, BCMS Executive Director
The Bexar County Medical Society has historically had several Holding Company (501c2) and the BCMS Foundation (501c3) were
types of corporations to comply with state and federal statutes, merged into the Bexar County Medical Library Association. The
many organized according to the types of services each corporation final impact of these mergers is that the Library Association now
provides and/or the federal taxability of those services. For exam- owns the BCMS building instead of it being owned by the Real Es-
ple, the Bexar County Medical Society itself is a 501c6 corporation tate Holding Company. Also, the philanthropy of the BCMS Foun-
which is specifically designed for membership organizations. The dation will now be carried out by the Library Association. The funds
Bexar County Medical Library Association is a 501c3 corporation, (bank account) of the BCMS Foundation that had been set aside
which is designed for charitable entities. BCMS has three for-profit for scholarships and other educational supports will be rolled over
corporations, being the BCMS Service Bureau, Bexar Credentials to the Library, kept separate, and will be used for the purposes for
Verification, and the BCMS Management Holding Company. See which they were originally intended.
the chart below.
The effect of these mergers will save BCMS several thousands
BCMS recently merged several corporate entities together for a of dollars per year without affecting the missions or purposes of
variety of reasons, but mostly for the reason that the audits and tax the society or the absorbed entities. If you have any questions about
filing fees for so many companies were becoming prohibitive. the changes, please email me at steve.fitzer@BCMS.org.
Therefore, the former Bexar County Medical Society Real Estate
visit us at www.bcms.org 33
