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 foundation’s request for tax-exempt status under section 501(c)3 of the
Internal Revenue Code. The formal determination of the foundation’s status as taxexempt
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 Wisconsin’s 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
foundation’s portfolio companies will be reinvested to create additional high-quality jobs
and spur continued growth in Wisconsin’s 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.