Transcript Slide 1

Jan DeRoche, RN, LCSW-C, ACM, President ACMA
Chapter Presidents’ Meeting
November 2008
• 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
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Tax Exempt status
Governed by the Internal Revenue Code
Organizations that are:
 Organized and
 Operated exclusively for
 Exempt purposes
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Commonly referred to as “charitable
organizations”
• Eligible to receive tax-exempt
donations
• 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”
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Operated exclusively for one or more
“exempt purposes”
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Charitable
Religious
Educational
Scientific
Literary
Testing for Public Safety
• 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
• 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
• Formation of ACMA Board Ethics
Committee
 Membership
 Work in progress
 Conflict of Interest Policy
 Document Retention and Destruction
Policy
 Code of Conduct
• 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
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• 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
• www.irs.gov/charities