Difference between revisions of "Board meeting notes 2011-04-11"

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== Agenda ==
 
== 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'''
 
* '''Financial Update'''
 
** Current Money:
 
** Current Money:
 
** Current Paying Members:  
 
** Current Paying Members:  
 
* '''Space'''
 
* '''Space'''
−
** Schedule a Clean up Day to start in shop.
 
 
* '''Event Discussion'''
 
* '''Event Discussion'''
 
* Blue Coast Burrito Dinner w/ Makers
 
* Blue Coast Burrito Dinner w/ Makers

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 @

Retrieved from "http://wiki.midsouthmakers.org/index.php?title=Board_meeting_notes_2011-04-11&oldid=8311"