Board meeting notes 2011-04-11

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Attendance

  • John
  • Kevin
  • Joe
  • Dan
  • Claudio
  • Walter

Count: 6

Agenda

  • 501(c)(3) Pros / Cons
    • Sources
    • Pros
      • Exemption from Federal Income Tax
      • Exemption from F.U.T.A. (federal unemployment tax)
      • Tax Deductibility for Donors
      • Eligible for Government & Foundation Grants
      • Eligible for Bulk Mailing Permit
      • Gambling Permits (in some jurisdictions)
      • Credibility
      • Pay no federal, state, or local taxes
      • Qualify for special grants and government funding, even lower postage rates
      • Encourage donation by providing donors with tax deduction
      • Shield owners and directors from liability through status as a corporation
      • Be eligible for discounted advertising rates, including possible free tv and radio public service announcements (PSA's)
    • Cons
      • Lengthier, more-involved application and qualification process that requires payment of multiple fees and costs
      • Must comply with numerous regulatory requirements, including submitting annual reports to federal and state agencies
      • Can only pay managers reasonable salaries, can't divide profits equally.
      • Can't pay Board of Directors
      • On dissolution, must distribute assets to other non-profits
    • Required to:
      • Keep Adequate Records
      • File Required Returns
      • Provide Donor Substantiation
      • Obey Disclosure Laws
      • Generate Public Support
      • Avoid "Excess Benefits" for insiders
      • Shun Political Activity
      • Limit Legislative Activity
      • Limit Unrelated Business Activity
  • Financial Update
    • Current Money:
    • Current Paying Members:
  • Space
  • Event Discussion
  • Blue Coast Burrito Dinner w/ Makers
    • 4/23 or 4/30
    • Waiting to hear back from BCB.
  • Desoldering Class
    • April 29th Taught by Claudio
  • Fiberglass Class Taught by Kevin
    • Tentative date May 27

Notes

Comes to Order @ 7:15pm

  • Financial Update
    • Current Money: ~ $2938
    • Current Paying Members: 29 55% reg members, 25% students
  • Space
  • Event Discussion
  • Dinner event in May
  • Blue Coast Burrito Dinner w/ Makers
    • 4/30 Meet
    • Waiting to hear back from BCB.
  • Desoldering Class
    • April 29th Taught by Claudio
  • Fiberglass Class Taught by Kevin
    • Tentative date
  • Membership
    • Discussion of number of student memberships
    • Trent approved by board needs to go to paying membership to decide
  • 501(c)(3) Pros / Cons
    • Cons don't outweigh the pros

Meeting Adjourned @ 8:22pm