Re: 3 tax questions
Paul S. Wolf (Paul.S.Wolf@ALUM.WPI.EDU)
Tue, 27 Apr 1999 12:25:44 -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.
H&R was correct, but the number is so high I doubt any Troop would need
to worry. Besides, it's something your Charter Org would have to file,
not the troop.
> Does anyone have experience with this?
>
> 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?
Very common misconception with no basis in fact. Current thread running
on rec.scouting.usa on this topic
> 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?
For most units it is really a meaningless item, but technically it
would be the fiscal year of your chartering organization, since they
are the legal entity, not the troop. Most troops assume a charter year
fiscal year for their internal budgeting.
--
Paul S. Wolf, PE mailto:Paul.S.Wolf@alum.wpi.edu
Traffic Engineer, Cuyahoga County Engineer's Office - Cleveland, Ohio
Past President, Great Lakes Region, Federation of Jewish Men's Clubs
Winding Rivers Dist. Advancement Comm., Greater Cleveland Council, BSA
Advancement Webmaster, US Scouting Service Project (www.usscouts.org)
