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501(c)(3) Boot Camp

501(c)(3) Boot Camp. Jan DeRoche, RN, LCSW-C, ACM, President ACMA Chapter Presidents’ Meeting November 2008. Overview and Objectives. Context: Why 501(c)(3)? What is different for ACMA? Understand the definition of 501(c)(3) status Review the basic legislative components

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501(c)(3) Boot Camp

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  1. 501(c)(3) Boot Camp Jan DeRoche, RN, LCSW-C, ACM, President ACMA Chapter Presidents’ Meeting November 2008

  2. Overview and Objectives • Context: Why 501(c)(3)? What is different for ACMA? • Understand the definition of 501(c)(3) status • Review the basic legislative components • Discuss the implications for ACMA National and Chapter Boards

  3. What is 501(c)(3)? • Tax Exempt status • Governed by the Internal Revenue Code • Organizations that are: • Organized and • Operated exclusively for • Exempt purposes • Commonly referred to as “charitable organizations”

  4. Why is it important for ACMA? • Eligible to receive tax-exempt donations

  5. Organizational Test • Must be an organization, not an individual • Organizing documents (bylaws) need to reflect exempt purposes • Assets must be permanently dedicated to the exempt purpose of the organization • If the organization dissolves, the funds • must be distributed for “exempt purposes”

  6. Operational Test • Operated exclusively for one or more “exempt purposes” • Charitable • Religious • Educational • Scientific • Literary • Testing for Public Safety

  7. Inurement / Private Benefit • Must not be organized or operated for the benefit of private interests • The net earnings may not inure to the benefit of a private stakeholder or individual

  8. IRS Filing Requirements • Organizations with $25,000 or more in gross receipts must file • Form 990 Return of Organization Exempt From Income Tax • (13 pages long!) • Due the 15th of the 5th month after the end of the fiscal year

  9. Implications for ACMA • Formation of ACMA Board Ethics Committee • Membership • Work in progress • Conflict of Interest Policy • Document Retention and Destruction • Policy • Code of Conduct

  10. Conflict of Interest • Review highlights of draft policy • Define “interested person” • Define “conflict of interest” • COI attestation for board members • List of vendors • When “interested persons” should be • included and excluded from votes / discussions

  11. Document Retention and Destruction Highlights • Chapter taxes will be filed by National office accountant. Chapters need to send copies of: • Bank Statements (for prior fiscal year) • Financial Reports • Chapters need to have signed documents on file at National office: • Chapter Bylaws • Signed Charter • Amendments • Chapters need to retain copies locally: • Meeting Minutes • Bank and Financial Statements • Contracts and Correspondence

  12. Resources and Questions • www.irs.gov/charities

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