. Last year we embarked in a new epoch of growth and technological improvement. As a result, inline with our philosophy of total disclosure, we were empowered to make our tax returns easily visible and available to all our members.
Our boards have a responsibility to inform the membership as to the state of club finances and tax returns are an integral piece of that information. A link to Federal and State tax returns has been added to the Treasurer's report page, which can only be accessed from the Members Only page.
Our bylaws place a specific duty for lawful compliance with the Bylaws, all statutes, ordinances, tax regulations, etc., on the office of the Treasurer.
In addition, for those of you that would like to examine our financial status , a special link has been created from our Members Only page to the monthly Treasurer's report. This report contains the same information presented at the monthly Board of Directors meetings, except for detailed trip and activities where the names of our members may be exposed. The club's Current Balance Sheet, Year-To-Date Profit and Loss statements, an activities summary grouped by activity types, and a tentative view of Current Expenses vs. Income are available for your review.
A link is provided below to a document summarizing the role and responsibilities of the Treasurer, as delineated in the various Articles of our Bylaws
Very few of us are familiar with the budget process, and this is why I include a projected vs. actual report within the monthly treasurer's report. Please read my explanation below on this very important process.
Our Corporate not for profit status, 501 (c) (7) was reinstated by the IRS on Feb14, 2014. It was revoked during 2013 for failure to file he correct IRS schedules for three consecutive years starting with FY 2009. Ordinarily, membership dues and other sources of "traditional" club revenues are taxable income. The 501 c 7 designation allows groups of like minded people to pool their resources in a tax friendly environment.