Feds approve BrightStar's application to be a tax-exempt organization
BrightStar Wisconsin Foundation Inc., a new group with an unusual plan for using charitable donations to make venture investments in young state companies, has received federal approval to operate as a tax-exempt organization.
The Internal Revenue Service approval announced Monday paves the way for BrightStar to start investing $7 million already pledged by donors and begin raising more, said Tom Shannon, the foundation's president.