Chapter Financials 101 Danielle Bauer Scott Levitz

Objectives Setting up a tax ID number and bank account Obtaining tax-exempt status Filing taxes Raising funds and generating revenue Resources

Opening a Bank Account List of officers Two signatures required –Treasurer and delegate or chapter advisor Federal Tax ID number Direct deposit with ASDA

Federal Tax ID Number Fill out SS-4 form at Call IRS at Be sure to get a copy of the letter documenting your FEIN

Group Exemption Obtain tax-exempt status for federal/state income taxes NOT exempt from state sales tax Required forms: –Affiliation agreement –Group exemption consent form –Constitution & bylaws Deadline to submit: Aug. 31

Filing Taxes Submit Annual Report by May 15 –Form 990-N (<$50,000 gross receipts) –Form 990-EZ (>$50,000 gross receipts) –Form 990-T ($1,000+ in taxable income) ASDA can file for you if gross receipts <$50K and no taxable income Loss of tax-exempt status

Sponsorship Gather contacts at ASDA national events Ask your trustee for local vendors W-9 Form Not tax deductible Advertising vs. recognition

Fundraising Events – vendor fairs, golf outings Sales – apparel, business cards, dental equipment ASDA scrubs program Incentives from ASDA and ADA Local dues

Resources ASDA Chapter Handbook How-to Guides on Fundraising and Vendor Fairs IRS forms – Chapter Resources web page - aspx aspx

Questions Danielle Bauer, CAE, Director of Membership Scott Levitz, District 2 Trustee