chapter financials 101 danielle bauer scott levitz
TRANSCRIPT
Objectives• Setting up a tax ID number and bank
account• Obtaining tax-exempt status• Filing taxes• Raising funds and generating
revenue• Resources
Opening a Bank Account• List of officers
• Two signatures required – Treasurer and delegate or chapter
advisor
• Federal Tax ID number• Direct deposit with ASDA
Federal Tax ID Number• Fill out SS-4 form at
www.irs.gov • Call IRS at 800-829-
4933• Be sure to get a copy
of the letter documenting your FEIN
Group Exemption• Obtain tax-exempt status for
federal/state income taxes• NOT exempt from state sales tax• Required forms:–Affiliation agreement–Group exemption consent form–Constitution & bylaws• Deadline to submit: Aug. 31
Filing Taxes• Submit Annual Report by May 15–Form 990-N (<$50,000 gross receipts)–Form 990-EZ (>$50,000 gross receipts)–Form 990-T ($1,000+ in taxable income)• ASDA can file for you if gross receipts
<$50K and no taxable income• Loss of tax-exempt status
Sponsorship• Gather contacts at
ASDA national events• Ask your trustee for
local vendors• W-9 Form• Not tax deductible• Advertising vs.
recognition
Fundraising• Events – vendor fairs, golf outings• Sales – apparel, business cards,
dental equipment• ASDA scrubs program• Incentives from ASDA and ADA• Local dues
Resources• ASDA Chapter Handbook• How-to Guides on Fundraising
and Vendor Fairs• IRS forms –
www.irs.gov/Forms-&-Pubs• Chapter Resources web page -
www.ASDAnet.org/chapterleadershipresources.aspx
Questions• Danielle Bauer, CAE, Director of
• Scott Levitz, District 2 [email protected]