Re: OT-SALES
From: John I Jones <jijones@ix.netcom.com>
wmoores wrote:
>
> At one of our sales a conversation arose regarding the amount of
> money in the treasury that keeps the society in the tax-free, non-
> profit status. No one had a clue, and then, since some of us had
> been members of larger, more established societies in years past,
> there were statements to the effect that some societies had
> balances in their treasuries in the tens of thousands of dollars.
> And, in several regional bulletins/newsletters, we see double that
> amount in Regional reports. These societies could go for years
> and not have a sale for operating purposes. And, over the years,
> these treasury balances just seem to increase. Does the IRS take
> note of this? Is there a limit to how much money a society can
> have and not pay taxes?
I will do some checking, but I thought the problem with tax free status was
the amount of annual income, not how much you had in the bank. I think the cut
off point for some sort of reporting was $25,000 annual income. I know that
the year Region 14 (which has tax exempt status) hosted the National
convention and and more than the allowed amount of income, they had to at
least file different paperwork. I also know there are different tax exempt
statuses (stati?).
John | "There be dragons here"
| Annotation used by ancient cartographers
| to indicate the edge of the known world.
________________________________________________
USDA zone 8/9 (coastal, bay)
Fremont, California, USA
Visit my website at:
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President, Westbay Iris Society
Director, Region 14 of the AIS
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