Transcript Slide 1

Financial
Management
Karen Pugh, MSN, RNC
Society of Pediatric Nurses
Treasurer
Tax Issue History
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Non-Profit Organization (501 (c)-3 status)
Group Extension #- 4203-not valid anymore
Pension Protection Act of 2006
SS-4 Form: EIN # Application
501(c) 3 Status
• To be tax-exempt under section 501(c)(3) of the
Internal Revenue Code, an organization must be
organized and operated exclusively for exempt
purposes set forth in section 501(c)(3), and none of
its earnings may inure to any private shareholder or
individual. In addition, it may not be an action
organization, i.e., it may not attempt to influence
legislation as a substantial part of its activities and it
may not participate in any campaign activity for or
against political candidates
SOCIETY OF PEDIATRIC NURSES (SPN)
CHAPTER ANNUAL FINANCIAL REPORT
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(Due January 31st)
Chapter Name Unknown Chapter of SPN
For Year Ending December 31, 2007
Employer Identification Number 00-48460000
TAX RETURNS: (Check/complete if applicable)
IRS Form 990 not required
not required
State Tax Return not required
not required
IRS Form 990 last filed
not required
State Tax Return last filed
not required
** PLEASE INCLUDE ALL COPIES OF FEDERAL, STATE, AND LOCAL TAX FILINGS
BANK ACCOUNTS:
Checking Accounts Balance 12/27/2007
8,175.88
Savings Account Balance
n/a
Other Investments
n/a
TOTAL ASSETS
8,175.88
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TOTAL ASSETS
3994.38
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TOTAL LIABILITIES
2108.43
NET BALANCE 1885.95
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December 27, 2007
Submitted by
Date
Pension Protection Act of 2006
• Key provisions of the legislation include the
following:
• In 2008, exempt organizations with gross receipts of
$25,000 or less must file an annual notice, using a
filing system (990N-postcard)
• Parent organizations must report income to child
organizations as well as transfers between the two.
• (Forms 990-T) must be available for public inspection.
SPN New Chapter Check List
(Individual Entity)
• Letter of intention signed and dated by the
chapter president and treasurer.
• Chapter Membership Roster
• Chapter Application
• Articles of Association or Incorporation
• Bylaws of the chapter
SPN New Chapter Check List
• IRS letter assigning EIN Number or copy of SS4 form.
• Group exemption questionnaire
• Officer Roster
• $25 annual chapter fee
• Financial Independence Plan
• Activity Plan
Resource
• Publication 557, Tax Exempt Status for your
organization
• www.IRS.gov
– Charities /Non-Profits
– Automatic Revocation of Exemption (2nd column)
– AUTOMATIC REVOCATION OF EXEMPTION LIST
• Re-instatement of Tax Exempt
– Or view list
– Keep Updated
• EO Update (Exempt Organization Updates)
Current Status
• 31 of 46 Chapters are in Automatic Revocation
Status (that we are aware)
• Chapters notification from IRS via postcard
• Board of Directors have made provisions to pay some
of the fees to get you back in good standing
• If you don’t know your local chapter’s status
– Use your EIN # for local chapter to find out if you are in
good standing
– Call the IRS and they will help you
Automatic Revocation
An exempt organization that is required to
file an annual return (990) does not do so
for three years consecutive years.
Process for Re-Instatement
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Individual Exemption
File Form 1023
12 of 26 pages
Pay the appropriate user fee.
Write “Automatically Revoked” on top of the
application and the envelope
• Send the application to:
– Internal Revenue Service P.O. Box 12192
Covington, KY 41012-0192
Tax Exempt Status
Maintenance
• Complete Form 990, 990 EZ or 990 PF
• Submit an annual electronic notice
• Keep good records