Financial & Legal Rules and Requirements for a 501(c)6 Catherine Oakes, CPA SVP, Operations Robin Fenton Director, Chapter Support.

Slides:

Advertisements

Similar presentations

PRESIDENT & VICE PRESIDENT Roles and Responsibilities Robin Fenton Director, Chapter Support.

Advertisements

SECRETARY WORKSHOP Dale Roscovich, SCTE, Chapter Relations Coordinator.

Session 1: Club Treasurer Role and Responsibilities.

© 2012 Office of Massachusetts Attorney General Martha Coakley Not-for-Profit Boards of Directors: How to Promote Excellence and Avoid Disaster Berkshire.

Board member roles and responsibilities

Exposure to Trustees, Officers Employees and The University Liability, Immunity, Indemnity and Fiduciary Issues 1.

Nonprofit Finance and Reporting: What every board member should know Molly Lovelock

Chapter Financial Management Training.  Operate Chapter per the Board of Directors Approved Manual for Chapter Operations.  Chapter Treasurer Duties.

Legal Responsibilities for Board Members of Nonprofit Organizations Or…all you need to know to stay out of trouble. Presented: July 2007 Prepared by: Elsbeth.

Non-Profit Finance 101 Staying in the Black. Special Considerations n In general, non-profit organizations may not: – Generate profit but may hold funds.

Marta G. Stahl, CPA Internal Auditor Laida P. Benavides, CPA Asst. Supt. for Business and Finance September 27, 2011 UISD Parent Organizations 1 9/27/2011.

TAX EXEMPTION AND RELATED ISSUES FOR THE NOT FOR PROFIT (NFP) CORPORATION REUBEN S. SEGURITAN 7 Penn Plaza, Suite 222 New York, NY Tel. No. (212)

Financial Responsibility Catherine Oakes, CPA SCTE Headquarters SVP, Operations Tim Funk Comcast Communications Great Lakes Chapter.

Prepared by. As stewards of a chapter’s money the chapter officers are responsible for the careful handling and dissemination of funds.

Financial Responsibility Catherine Oakes, CPA SCTE SVP, Operations.

Nonprofit trustee/director fiduciary duty

Business Essentials for Nonprofit Leaders

ASHRAE Chapter Best Practices Chapter Financial Risk Management Training Chapter Financial Risk Management Training.

ASHRAE Chapter Best Practice Chapter Financial Risk Management.

Financial Workshop Mandatory Training A Leader’s first job is to protect the assets and the reputation of PTA.

Governing a Tax-Exempt Nonprofit Corporation The Basics MPCC December 16, 2010.

1 Legal Issues of Not-for-Profit Organizations Robert L. Waldman Venable LLP

Section Treasurer Training IEEE-Region 4-Jan08 [01] Institute of Electrical & Electronics Engineers Region 4 – Central USA Section Treasurers Training.

CHAPTER BUDGET  Why?  How?  Show me!. Chapter Budget - Why budget? Establish priorities Shows what you can afford Communicates reimbursement plans.

RISK MANAGEMENT FINANCIAL SR. DIRECTOR FINANCE & ADMINISTRATION JEAN MERVINE SR. DIRECTOR INFORMATION SERVICES LISA MANGIAFICO Soroptimist International.

201 Money Matters. Local Unit Bylaws What do you know about local unit bylaws?

oTools of Governance oBoard Responsibilities oPractical Tips/ Board Meetings oFinancial Issues oRisk Management oProfessional Standards TOPICS.

FINANCIAL RESPONSIBILITY Cathy Karch, MBA SCTE Senior Director, Accounting.

ACCOUNTABILITY UPDATE Healthcare Trustees of New York State Audioconference September 22, 2005 Mark Thomas Wilson, Elser, Moskowitz, Edelman & Dicker General.

BOARD FIDUCIARY RESPONSIBILITY – Understanding Oversight and Monitoring Roles Presented by: Dan Campbell, Partner.

Presented by: Brian Carter, CPA Partner Mauldin & Jenkins, LLC Karen Jubrail Vice President of Development Glazer Children’s Museum 1.

ASHRAE Chapter Treasurer Chapter Financial Risk Management for International Chapters Chapter Financial Risk Management for International Chapters.

School and Community Foundation Collaboration A Presentation for the 2006 Iowa Community Philanthropy Academy By Willard L. Boyd III N YEMASTER, G OODE,

WHAT EVERY NOT-FOR-PROFIT DIRECTOR SHOULD KNOW By REUBEN S. SEGURITAN 450 Seventh Avenue, Suite 1400, New York, NY Phone Fax

Understanding Your Roles and Responsibilities “Volunteers are the glue that holds the community together”

Text #ICANN51. Text #ICANN51 15 October 2014 Independence of Directors – Presentation to Nominating Committee John Jeffrey, General Counsel and Secretary.

Organization & Bylaws Feb 23,2010.  Non Profit Purposes  Directors  Office Bearers  Vital Statistics  Financial Management & Insurance  501 c 3.

Best Practices: Financial Resource Management February 2011.

Financial Responsibilities of Board Members February 21-23, 2012 Ft. Worth, TX Ingrid Danler, CFM Associate Director Operations, ASFPM.

Good Nonprofit Governance and the Legal Responsibilities of the Nonprofit Director Incorporated Research Institutions for Seismology May 31,

Tax Update for Alumni Classes Rachel L. Williamson, CPA Joined Dartmouth College in June.

Fiduciary Duties & Other Legal Issues Patricia May, CAP-OM President, DE-MD-DC Division.

Qualified Plan Investments Chapter 11 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 Fiduciary Requirements of.

President & Vice President Roles and Responsibilities Robin Fenton, SCTE Wayne Gale, Show Me Chapter, NCLB Chairman.

BOOSTER CLUB TRAINING OCTOBER LOCAL POLICY AUDIT REQUIREMENTS RESOURCES GE LOCAL UIL BOOSTER GUIDELINES.

DIRECTOR’S LEGAL LIABILITIES Doug Jackson Gungoll, Jackson, Collins & Box, P.C.

NAEYC Affiliate Leadership Day Association Tax and Legal Primer NAEYC Office of General Counsel November 2015 Lakshmi Sarma Ramani, General Counsel.

Managing Chapter Funds Brent Woods, Esq., CAE, SPHR NIGP Executive Director for Business Operations and Finance.

Duties & Responsibilities of Nonprofit Board Members.

DRAFTING AN EFFECTIVE CONFLICT OF INTEREST POLICY William H. Jordan, Esq. Sowell, Gray, Stepp & Laffitte, LLC (803)

MODULE 2 INTRODUCTION TO DIRECTORS’ DUTIES ADB Private Sector Development Initiative Corporate and Financial Governance Training Solomon Islands Dr Ann.

ICANN Board of Directors - Fiduciary Responsibilities, Conflicts, and Confidentiality John Jeffrey General Counsel & Secretary, ICANN 9 December 2010.

Experience perspective // CPAs & ADVISORS CLUB FINANCIAL MANAGEMENT BEST PRACTICES Presented by Rick Wittgren, CPA, partner.

Volunteer Lawyers Service Board of Directors Duties and Liabilities Terrie-Lynne Devonish December 7, 2004.

Presented by: Sharon Pender Louisiana State PTA Treasurer.

TREASURER TRAINING (60 SLIDES). TREASURER TRAINING.

1 NON-PROFIT CORPORATE GOVERNANCE James W. Stevens Kilpatrick Stockton LLP 1100 Peachtree Street Suite 2800 Atlanta, Georgia May 20, 2009 This paper.

Rosenberg Martin Greenberg, LLP

Financial Planning for Your Chapter

Non-Profit Organizations and 10 Best Practices in Governance

Managing Chapter Funds

Officer Development Overview

ASHRAE Chapter Best Practices

SCTE•ISBE HQ Presenter: Robin Fenton March 1, 2018

ASHRAE Chapter Best Practices

DUTIES AND RESPONSIBILITIES OF THE BOARD OF DIRECTORS

Governance Issues Learning Objectives

501(c)(3) Status: Pros and Cons, Steps to Follow

THE IMPORTANCE OF POLICIES AND PROCEDURES

The PTA Audit, 990s, and Electronic Banking

Presentation transcript:

Financial & Legal Rules and Requirements for a 501(c)6 Catherine Oakes, CPA SVP, Operations Robin Fenton Director, Chapter Support

SCTE Financials Tax Status – 501(c)6 Each Chapter is under our IRS Tax ID Your Chapter Financials are reported to the IRS Form 990 Legal Your chapter and board members are covered under our liability insurance however board members have a responsibility to the chapter and the entire society (SCTE) as a whole.

Your Chapter Bylaws Legal - The chapter shall comply with all federal, state and local laws, rules and regulations governing chapter operations. Also, the chapter shall comply with all applicable policies and reporting requirements to Headquarters in order for SCTE to maintain its tax exempt status. Liabilities - Except in cases of fraud or acts of bad faith, the directors and officers of this organization shall not be held personally responsible for debts, obligations, or liabilities of the organization, or for their actions on behalf of the organization.

Fiduciary Duty of the Board Directors owe duties of "care" and "loyalty" to the organization. These duties require the board of directors to: act in good faith, with the care of an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner he or she reasonably believes to be in the best interest of the organization and its members.

Fiduciary Responsibilities Funds used to accomplish SCTE Mission Keep accurate financial records Enforce financial internal controls Follow policies, procedures & bylaws Safeguard funds Keep chapter board informed

Why so many policies? Changes since 9/11 & Katrina Sarbanes Oxley Rule Internal Revenue Service Revised IRS Form 990 Tax-exempt purpose Members best interest Safeguard assets

Internal Controls and SCTE Policies Supporting Documentation Check signing policy Bank Signature Cards Investments Credit Card transactions Expense reimbursements

Internal Controls and SCTE Policies (cont.) Cash handling Raffle tickets and other games of chance No advances or loans No debt financing Charitable Contributions

Chapter Assets Article VII of the chapter bylaws The chapter assets are those of SCTE Headquarters as they are reported on SCTE tax returns. So the SCTE board is ultimately responsible AND LIABLE for those assets. Goes to the heart of “Fiduciary Duty” Duty of Care & Loyalty Conflicts of Interest