1. Chapter Financial Awareness
Jeff DeWalt, CPA, CGMA
ONS Chief Financial Officer

2. What are we talking about?
Chapter refresher
Business League not Charity
Unrelated Income
Insurance
State Taxes
Hot Topics from National
Other Item of Note
Questions

3. Chapter Refresher
Leaders have a fiduciary responsibility to the chapter members and to ONS
Follow the path of what is right for the chapters and the members before what is right for yourself.
A chapter is a business league not a charity – supporters cannot deduct chapter financial support as a charitable deduction.

4. Chapter Refresher
Spend your financial resources on mission based activities
The chapters’ mission is to promote excellence in oncology nursing and quality cancer care.
Chapters are unincorporated associations
This Photo by Unknown Author is licensed under CC BY

5. Sweet Charity Be AWARE of Non-charity Status
A chapter is not-for-profit but it is not a charity.
Chapter financial support is not deductible as a charitable contribution.
Chapters must specifically inform a supporter or potential supporter that the financial support they provide is not deductible as a charitable contribution.
Sweet Charity

6. Be AWARE of Non-charity Status
Include language in your solicitations such as;
The “Your Name Here” ONS Chapter is holding its annual vendor fair and we are seeking financial support. The chapter is not a 501(c)(3) charity and any support provided is not deductible as a charitable contribution. However, your support may be deductible under a different section of the IRS code, such as sponsorship. Please check with your tax advisor on the deductibility of your support.  Again, thank you for supporting oncology nurses.

7. Be AWARE of Unrelated Income
Unrelated income is/maybe taxable
Unrelated income is non-mission income
Unrelated to the mission of the organization.
Which is not like the other?
Holding an oncology nurse education program?
Collecting funds within the chapter to help disaster victims?
Selling T-shirts or baskets of cheer to raise money for the chapter?
Vendor fair - vendor pays for the right to set up a table and talk to oncology nurses about their oncology elated product?
Option – for non-mission activities
Do it individually not as a chapter

8. Be AWARE of Insurance General Liability
General liability coverage provided through ONS 
Protects chapter if it would cause bodily harm to public or damage public’s property – for example - something happens at a chapter program.
Directors and Officers Liability (D&O) – New for 2018
If something happens and you are sued personally
As unincorporated association – lawsuit will seek settlements which expose personal assets of chapter officers
ONS has added D&O insurance to protect the officers
Officer (Employee) Dishonesty Insurance
Protects chapter if an officer would abscond with funds or merchandise.
Limit $60,000 *

9. Be AWARE of State Taxes State income tax – depends on the state
Sales Tax
Paying sales tax: 501(c)(6) organizations generally required to pay sales tax. (ex., renting a room or buying supplies)
Exception—purchasing items to sell as fundraisers – reseller exemption
Collecting and remitting sales tax on sales: state by state determination
May need register with state Department of Revenue to receive sales tax number and certificate of resale
Charge and collect appropriate tax on product sales
Know when sales tax returns and funds are due to the state
Submit funds. Contact Department of Revenue for instructions/options

10. Hot Topics From National
Be AWARE of Fraud
Treasurer needs to protect checks and bank account information
Complete monthly reconciliations
If long period before Treasurer notices an issue – bank may not reimburse
Credit/Debit Cards
Protect card and number
Check monthly statements
Report it quickly
Treasurer should reporting regularly to board
Its not just a Treasurer issue it is fiduciary responsibility for the entire board

11. Hot Topics From National
Be AWARE of Scam
from President or other chapter member to Treasurer – need to send funds quickly to someone
Establish a confirmation system before the scam hits your chapter
Text
Phone call
Separate address
This Photo by Unknown Author is licensed under CC BY-ND

12. $ Other Item of Note Be AWARE of retaining to much money
For chapters with a large treasury (more than 12 months operating expense) - develop a plan to spend down the excess funds
Invest on your chapter and its members
More or larger scholarships and awards,
Reduced admission or meeting fees while maintaining expense,
Free admission or meeting fees from first time attendees or attendees bringing someone to an event for the first time
Pay for a non-pharma speaker and cover the event expenses 
Contribute or increase your contribution to the ONS Foundation $

13. Questions