Board meeting notes 2011-04-11
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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