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December 12, 2006 at 11:38 pm #25860
I need advice on this.
Do we just pummel them?
Then ask for financials and if they refuse, tell them we are going to the IRS?
I forsee the end of the njbmx organization if this occurs.
Do we have the people here who would be willing to get something going that would pick up the slack this would create?
i.e.: A new BMX facility in NJ.December 12, 2006 at 11:45 pm #37873
if they have a problem, and we ask for said docs, here is what can happen, the org as we know it WILL end effectively. however, any of the tracks that have been running independant, and have their own non profit status should be Ok, as long as the paper work is in order!! as far as the ones that don’t, NJBMX, or anybody else, meaning HC or CJ doesn’t own any land, just set them up properly and continue on, I think the track that will have the biggest probs will be EHT, and only because I think their books will be as bad off as the state onesDecember 12, 2006 at 11:47 pm #37875
CJ books I can attest are impecable.December 12, 2006 at 11:51 pm #37877
even if they weren’t we would just reoganize under new names and run, none of these orgs own any of the tracks, so as long as the land lords were willing to continue it’s a non issue. We might be in better shape after the dust settles, however, it is the amount of time it would take to settle the dust that concerns meDecember 13, 2006 at 12:06 am #37884
I suddenly don’t feel like they will hold up under any scrutiny….this sucks…Do they really need to keep these records?
1. Paperwork — There is the initial red tape (Articles of Incorporation, Bylaws, Minutes, all forms to be filed, etc.) and the ongoing process of record keeping of association activities including:
Minutes of meetings – Board, General, and Annual meetings
Financial Records — Accounting records are important. Some associations have an accountant set up initial books and then follow this procedure. The Treasurer should have some knowledge of accounting and non profit tax requirements.
Statement of Domestic Nonprofit – $20 every other year
Filing income tax returns each year ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“ no cost
Filing Charitable Trust Form RRF-1
Filing registrtion for conducting raffles
2. Incorporation’s costs & fees – Hiring an attorney for intital fees can run $1,000 or more, in addition to the regular filing fees. There are books available for consultation and you can file the applications yourself, so the only cost would be the filing fees.
3. Time & Energy
Keeping a record of all meetings and activities;
Board meetings need to be held;
An Annual meeting of all members is required;
Accounting Records and tax filing copies and information need to be kept; and
A Corporate Record book needs to be kept up to date.December 13, 2006 at 2:39 pm #37927
This may be a quick way to handle that if it comes to that, and we don’t have the money to spend
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