Athena Finances
Where is my money
going?
Athena finances
policy statement
How do we handle the
IRS
Operating funds primarily come from membership fees and are used to
cover the following:
- Maintaining the web site
- Maintaining our Post Office box
- Subsidizing postage and copying costs for mailings, recruiting flyers, and
paperwork required for maintaining the organization.
Additional funds that are raised are donated to charity, primarily the
Julien Fleming Memorial
Fund
Financial reports are available by request. (they are rather boring!)
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- The CO is the primary financial officer and is responsible for a
detailed accounting of chapter funds.
- The CO is responsible for ensuring that the proper state and
federal taxes are filed on time.
- The ledger will be open to the crew at each meeting and is
available for review by any member at any time.
- Receipts will be issued for any exchange of money. That includes
receiving money for memberships and ship merchandise and receipts for
reimbursements. There is no need to issue receipts for every
individual contribution to a raffle or auction. A single entry for
funds acquired in that manner will be made in the chapter's account.
- All reimbursements require a receipt for the chapter's records.
- The bank account shall have a minimum of 2 signers: the CO and
XO. In the event that the CO and XO are blood relatives or share a
residence, a third signer who is not a blood relative or co-habitant
will be added to the account. The third signer will be responsible
for any reimbursements to the CO and XO. When a third signer is not
necessary, the XO will be responsible for any reimbursements to the
CO.
- All paperwork corresponding to the chapter's annual financial
status will be saved as part of the chapter's library and will become
part of the chapter's permanent records. Any electronic form of
accounting will be copied on a diskette (or other appropriate
removable magnetic media) and saved in a similar manner.
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At the present time, Athena has its own Employer Identification Number
(EIN). However, we are not incorporated so according to the IRS, as a
non-incorporated entity, we have to account for our funds, but there
is no tax form to support it!! Not reporting to the IRS is a bad idea
since we do have an EIN. So, the only option left is for the CO to
report any income (or 0 if there has been a loss) on their personal
tax return. There is a place on the 1040 for a person to declare
income from another source and list the EIN number for that source.
It is not an optimal solution, but as long as the money is tracked and
reported to the IRS, we are covered.
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