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Sorry, not enough time to respond to all the private e-mail about
my letter regarding the QClub [to which I do not belong].
While my earlier post ended with a grin [racin', beer, and dirt],
my post was serious--and not a flame of the QClub.
Although many listers are not members of the QClub [perhaps under
the old theory that "I wouldn't belong to any club that would have me for
a member", [[smile]]], I think the QClub can benefit from some of the
ideas on this list. Let's face it, the people on this list have varying
experience from nearly all walks of life [like that post on oil the other
day--amazing to me].
QClub: you need to remember that there are people out here who
understand "Not-for-Profit" Corporations. Non-profit does NOT mean there
is not money in the bank. Churches, Volunteer Fire Dept's, etc., often
times have REAL funds accumulated for projects, ie., building, equip, etc.
Recently, I heard the disturbing [please tell us if it is true]
rumor that the QClub claims the "books" are not "ready" yet. Hmmmmm.
While I do not know how the club is incorporated, All tax-exempt
organizations other than private foundations must file an IRS form 990
"Return of organizations Exempt from Income Tax", or Form 990-EZ, "Short
Form Return of Organization Exempt From Income Tax". [BTW, you active
accountants out there can help me out here--flying on memory here!!!!]
The Form 990-EZ [based on my memory] can be filed if (1) the
gross receipts during the year were less than $100,000. AND (2) its total
assets at the end of the year were less than $250,000. Otherwise, Form
990 is required. Form 990 was required to be filed by the 15th day of
the 5th month after the end of your organization's accounting period.
What is your accounting period date? Calender year or otherwise? If
calender year, then '95 will be filed no later than May 15, '96.
Also, the Form 990 and 990-EZ are "OPEN TO PUBLIC INSPECTION" by
mandate of the IRS. For those that are interested, Form 990-EZ is EZ to
read. Line 3 shows membership dues received. Line 6 shows Special
events and activities (prolly with an attached schedule) Line 9 shows
Total Revenue--Lines 10 through 17 show expenses [salaries, payments to
independent contractors, etc.]. Line 18 shows the Excess or deficit
claimed for the year.
It would seem that maybe this form would be a nice attachment to
the Qclub's next quarterly.
Bruce ********CAVEAT****** THIS IS MY MEMORY! HELP ME IF YOU CAN!!!