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Re: [teacherartexchange] 501-3C Tax Question


From: Woody Duncan (woodyduncan_at_TeacherArtExchange)
Date: Thu Sep 07 2006 - 11:54:57 PDT

Thanks Marcia

On Sep 7, 2006, at 7:14 AM, marcia wrote:

> Woody,
> I just started being our treasurer for the
> Wisconsin Art. Ed. Assoc., which is a 501-3C. I'm
> still learning all the rules and procedures, but it is
> my understanding that a non-profit is able to have a
> working budget for operating expenses. We are able to
> have income for our organization through conference
> fees, membership fees, art company advertising in our
> newsletter, etc. What you need to have is a written
> budget plan (approved by your board) that lays out how
> much money you expect to take in, and how you plan to
> spend that money. You should be spending about as
> much as you take in. Now, if you happen to take in
> more during an event or not spend all your budget,
> that is okay. We have savings as well as money in a
> foundation. It is okay to have savings in case you
> need it in the future. Pretty much 501-3c
> organizations just can't take in money for personal
> profit.
> Check out this website for more detailed info:
> There are publications you can order (for free) that
> explain more.
> If you are active in your state art association, you
> might want to talk to your treasurer to see if they
> know more. Also, the IRS offers workshops for people
> in charge of exempt organizations (our pres and past
> treasurer were able to go to one recently). When
> doing taxes, it is worth spending the money to hire a
> tax accountant (because it can get complicated). The
> accountant will also be able to advise you further and
> answer more questions. If you have a very specific
> question you can search on the IRS website or call
> them (I got through to them fairly quickly).
> Hope this helps. Good luck! Marcia Beckett (Lavery),
> in WI
>> Is anyone out there involved with a 501-3C ? What do
> those groups
>> do. Aren't non-profits allowed to do things to raise
> money to use
>> for operating expense ? I'm just looking for help
> here. I will put
>> the question to other watercolor groups around the
> country to
>> see haw they handle the issue. And, yes I'll solicit
> legal advice ?
>> Next year, I'll be the president of this group and I
> don't wish
>> to be flying blind.
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