Board meeting notes 2011-04-11

<< 2011-03-21	Board Meeting Minutes	2011-05-09 >>

Attendance

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

Count: 6

Agenda

• 501(c)(3) Pros / Cons
  • Sources
    • http://blogs.findlaw.com/free_enterprise/2009/08/pros-cons-non-profit-501c3-incorporation.html
    • http://www.form1023help.com/id2.html
    • http://www.michie.com/tennessee/lpext.dll?f=templates&fn=main-h.htm&cp=tncode
  • 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