1. Chapter Financials 101 Danielle Bauer Scott Levitz

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

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

4. Federal Tax ID Number Fill out SS-4 form at www.irs.gov www.irs.gov Call IRS at 800-829-4933 Be sure to get a copy of the letter documenting your FEIN

5. 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

6. 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

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

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

9. Resources ASDA Chapter Handbook How-to Guides on Fundraising and Vendor Fairs IRS forms – www.irs.gov/Forms-&-Pubs www.irs.gov/Forms-&-Pubs Chapter Resources web page - www.ASDAnet.org/chapterleadershipresources. aspx www.ASDAnet.org/chapterleadershipresources. aspx

10. Questions Danielle Bauer, CAE, Director of Membership 312-440-2826 Danielle@ASDAnet.org Danielle@ASDAnet.org Scott Levitz, District 2 Trustee 203-506-4835 scott.levitz@hsc.stonybrook.edu scott.levitz@hsc.stonybrook.edu