I shared information with my fellow board members regarding ASTD and IRS Non-Profit information. I thought it would be good to place the links in a blog post so that I can easily share the information with others. Paul Signorelli has had an excellent session at the ASTD ALC each year and if I can find the link to his site, I will update the post with a link to his information.
CORE Information from ASTD (Chapter responsibility to ASTD)
NORE (ASTDs responsibility to the chapters)
- Our organization can sell memberships and professional development, according to our charter, and this income incurs no taxes. The one area that was always questionable to me was, can we sell books that relate to the topics we are teaching. Our previous accountant always said no. It would be good to get a final answer on this. If we sell books one thing that we must do is collect sales taxes, this is outside of incurring taxable income. Anything that we sell that is taxable income is covered under the IRS – Unrelated Business Income Defined – http://www.irs.gov/charities/article/0,,id=96104,00.html
- All the information you ever wanted to know about the IRS and non-profits – http://www.irs.gov/charities/index.html
- Compliance Guide for Tax Exempt Organizations (other than 501(c)(3) Public Charities and Private Foundations) – Publ 4221-NC
- Tax Exempt Status for Your Organization – http://www.irs.gov/pub/irs-pdf/p557.pdf
IRS 501(c)(3) Form
- We fall under a group exemption for ASTD so you will not see our name on the form and you must state this to whomever you need to supply the information to.
The goal is to:
- keep good financial records,
- keep good sponsorship records (invoices that show the value of all promised items),
- avoid any inurement or personal financial benefit to any of us insiders
- file all necessary federal, state or local filings
- comply with all federal and state laws
- maintain our tax exempt status! 🙂
In my opinion, a great resource for all board members, not just the VP of Finance is the ASTD Chapter Finance Toolkit. It covers non-profit finance, IRS topics, liability insurance and a lot more in a broad view with a smattering of specifics. Additionally, if I can find Paul’s resources I will place it below.
- ASTD Chapter Finance Toolkit