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Re: 3 tax questions
Richard C. Ickler (icklerr@SOCA.COM)
Tue, 27 Apr 1999 09:50:00 -0700
At 11:20 AM 4/27/99 -0400, Kevin Woods wrote:
>1. Our Treasurer has been told by HR Block, that if our checking account
>has over $$$ in DEPOSITS (I'm sorry, I cannot remember the figure although
>it was rather large) than even as a non-profit, with a correct tax exempt
>id, we would be required to file form ######????(you don't expect me to
>remember this number do you?) It is supposed to be a federal, not state form.
>
>Does anyone have experience with this?
I've never seen it or heard of it. I was treasurer and adminstrator for a
small church for several years and the only tax forms I was ever required
to file were the state tax exempt status form and the payroll tax forms.
The money we had never was more than $10,000 or so at any time (annual
budget around $80,000 in the early 80's).
>
>2. For years I have "heard" that a units accounts should equal "0" at the
>end of its fiscal year. That your accounting should show a zero balance.
>I have never seen this happen. Nor have I seen it (As I so Like to
>express):) in writing
>
>Does anyone have experience with this?
I think someone is getting confused here between no profit (really just
slightly positive in the ideal case) and zero funds in the bank. The
government (and everyone else) does look askance at organizations which
show sizeable increases in net worth every year. However, the main concern
with nonprofits is that the income and expenses should be close to balance
each year. However, this doesn't preclude accumulating reserves for
designated purposes such as a major high adventure trip in two years or to
replace troop equipment in a couple of years or even a rainy day fund.
>
>3. Can anyone tell me what a units "Fiscal year" is? Is it charter year?
>Is it calendar year? Is it the same as our councils fiscal year?
The fiscal year is what your troop defines it to be. Most youth
organizations I think define it as either the calendar year or the school
year primarily for convenience.
>
>Thank you very much!
>
>Kevin Woods
>Troop 111
>
>
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