FST Board Meeting April 2011

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hvhavel
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FST Board Meeting April 2011

#1 Post by hvhavel » Tue Apr 26, 2011 11:21 am

Treasure's report:
NA

Tom – The Borough would like to give FST money to re-route part of the 100 mile trail near Rosie creek trail from Tanana on up to Some Place (Isberg area). Part of it would be moved on to a section line. However for the Borough to do this the group needs the 501c3 tax clssification, which has an $800 filing fee if mailed or $200 if filed online. A vote needs to be put forth at the next FST general meeting on if we should file for 501(c)(3) status or not.

Cons:
Cannot be primary lobbying group, must keep to issues related to activity.
File paperwork / taxes filing

Snow Rondy:
Need to work on sponsor recognition – Thank you plaques are going out to sponsors.
Next year – porta-pottys, trash cans in more places, more man-power, bales to sit on, bleachers, Big Daddy's went well and will back next year, better signage needed, Tired Iron race way too fast, wood for next year, radio station 96.9 “the” snowmachine station. Attendance was good.

Last rides of the season:
Cantwell / Paxton – canceling unless leader volunteers at the next general meeting.

Snowmelt Potluck:
A lot of hot dogs / sausages left over from Snow Rondy, and they can be brought to the potluck. Juan will reserve the Kiwanis pavilion for May 22, Sunday 12 noon to 4 pm.

The winter show for Fall 2011 will be $400 fee for a table for Sat/Sun (2 days) instead of the normal 2 and a half. It is also later in the year, just after PFDs. The outdoor show is $550 for a table and is this weekend (spring) 15-17th. Discussion on which one or both is tabled until next meeting.

SLED line:
This number has a recording, and is the official phone number FST. This may be a good time to look at other providers, as they messed up the CC number again. Crystal will call and follow up with ACS about CC and look at other providers.

FST equipment storage status:
Steve is looking at finding a very cheap or free conex. Army Corps of Engineers may be willing to let the conex be on their land.

Summer trail activities:
100 mile loop work & Isberg.

Discussion of changing banks - Larry will get the paper work.



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john
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Re: FST Board Meeting April 2011

#2 Post by john » Tue Apr 26, 2011 12:12 pm

Heather,

Thanks for posting the minutes, appreciate the info.

On the 501(c)(3) status application, add about 5 to 10 G for attorney fees to the cost.



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REVITUP
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Re: FST Board Meeting April 2011

#3 Post by REVITUP » Tue Apr 26, 2011 12:58 pm

John, unless you know something we don't know, there will be no attorney costs.



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Re: FST Board Meeting April 2011

#4 Post by john » Tue Apr 26, 2011 1:41 pm

Hopefully I'm wrong and they have simplified the application process. I've been directly involved in three 501(c)(3) application procedures and it was extremely time consuming and costly.

You don't have to have an attorney, but you will need someone who is knowledgeable in tax law.

Usually the application is simple, its the responses that get difficult to answer. When FST previously had their 501(c)(3) I spend upwards of over a 100 hours working with the entity that the previous board had employed to do it. The initial app had appeared to go fine, but then we had to do numerous "current to date" financial's and answer numerous questions as to why we qualified as a (c)(3) and not say a (c)(4) or similar status.

I'd suggest the board read up on it to get some familiarity. One good read is from Cornell University at:

http://www.law.cornell.edu/uscode/26/us ... _40_I.html

The reason IRS is so tough in giving out 501(c)(3) status is that everyone wants it for the tax break and the IRS does about all they can to deny them.

And as a follow up, any funds you accept under 501 status during your "determination period" and are reported as non-taxable and the entity then loses or has its determination rejected (usually a year or two later) will have to pay taxes on those funds they claimed as non-taxable during the determination period from the beginning of your application date.



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