Board meeting notes 2011-04-11: Difference between revisions

Revision as of 14:14, 11 April 2011

<< 2011-03-21	Board Meeting Minutes	none

Attendance

This meeting is missing the attendance list.

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 @

Meeting Adjourned @

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 }}
 == Agenda ==
-* '''Membership'''
+* '''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'''
-** Schedule a Clean up Day to start in shop.
 * '''Event Discussion'''
 * Blue Coast Burrito Dinner w/ Makers