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District 7570

District 7570. District Training Team Seminar February 28 - March 1, 2014 Preparing District Leadership: An Overview DGE Vivian Crymble. Financial Matters What clubs must do financially Rotary International District 7570 IRS Expense Assistance. Rotary International

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District 7570

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  1. District 7570 District Training Team Seminar February 28 - March 1, 2014 Preparing District Leadership: An Overview DGE Vivian Crymble

  2. Financial MattersWhat clubs must do financiallyRotary International District 7570 IRS Expense Assistance

  3. Rotary International Semi-Annual Dues • Clubs must pay dues to RI twice yearly – payable July 1 & January 1 • Dues 14-15 = $27.00/mbr (10 member min) • Magazine = $ 6.00/mbr • COL = $ 1.00/mbr (July only) • Liability Insurance = variable • (Martinsville RC $0.11/mbr)

  4. Rotary International Semi-Annual Dues What must club do? • keep roll current @ Rotary.org • log on Rotary.org -> manage -> club administration • notification methods: • USPS mail SAR packet to secretary • opt for email SAR to Pres/Sec/ Ex Sec/Treas • opt for paperless – email reminder

  5. Rotary International Semi-Annual Dues What must club do? • paperless – log on Rotary.org -> manage -> club administration • pay by credit card (mail SAR worksheet later) • or mail invoice/SAR worksheet & check • paper – complete invoice/SAR worksheet & mail in with check • Note: club that does not pay dues in 6 months will be terminated

  6. District 7570 Club must pay District dues once a year (no relationship to RI Semi Annual Dues) Payment (in accordance with District P&P manual): • dues = $23.00 per member • Database/website maintenance fee = $35.00 per club

  7. District 7570 Procedure: • Club Secretary submits September 30th club roll to District Secretary • District Treasurer prepares invoice based on official 9/30 club roll furnished by Dist Secretary • Invoice emailed to President, Secretary, & Treasurer in early November - payment due December 1 • 5% penalty assessed for payments not received by January 1 (alert emails issued in late December)

  8. IRS – Tax Filing • A Rotary club is categorized as a 501(c)4 non-profit entity and must file a form 990 Federal information return, each year • Club, with gross income of $25,000 or less, must file a form 990-N (electronic e-postcard report) – available at www.irs.gov/eo • Operating on a 7/1-6/30 fiscal year, return must be filed by 11/15 – club failing to file returns for 3 consecutive years is subject to revocation of tax-exempt status

  9. Expense Assistance • District Budget funds available to partially offset expenses incurred in carry out District-related duties – beyond typical Rotarian expenses • Finance Committee policies DFC-1, DFC-2, & DFC-3 (rotary7570.org – Fin Comm tab) • Payment for authorized invoice or documented expense – approved by elected officer or committee chair • Utilize reimbursement voucher (Fin Comm tab) • Transmit to Dist Treasurer – payment in 1-2 weeks

  10. Questions?

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