ARN Annual Financial Reporting
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1 Chapter Webinar Annual Financial Reporting Roz Gaerlen ARN Finance Manager December 10, 2014 ARN Annual Financial Reporting Learning Objectives Understand Purpose of Financial Reporting Overview of Financial Reporting Submit Timely and Accurate Data Compliance to Federate and State Laws Objective: Understand Purpose of Financial Reporting Responsibility to Members and Donors Focus on directing funds to support / fulfill our mission Protect tax exemption status 1
2 Chapter Annual Report Forms Instructions o IRS Form W-9 Request for Tax ID o IRS Form 1099 Miscellaneous o End of year Financial Reports Balance Sheet Income Statement Federal 990 Details Unrelated Business Income Tax Worksheet Begins with Good Recordkeeping o Tracking Deposits (Revenue) and Disbursements (Expenses) o Reconciling monthly Bank Statement o Obtaining IRS Form W-9 Request for Tax ID at time Disbursements are made to Vendors 2
3 IRS Form 1099 Miscellaneous o U.S. Individuals or Businesses that are given payment for taxable services (Expenses) greater than $600 within a specific calendar year Independent Contractors Award and Scholarship Recipients Donations and Contributions Objective: Submit Timely and Accurate Data IRS Form 1099 Miscellaneous o Important Deadlines! Due to ARN National Office by mid-january Tax document due to the Individual/Business - Postmarked by January 31 st Tax document due to the IRS Postmarked by February 28 th 3
4 Balance Sheet o Reports financial position as of December 31st Assets Liabilities Chapter Equity Assets Liabilities and Chapter Equity 4
5 Income Statement o Reports profitability for the calendar year Revenues Expenses Net Income / (Loss) Total Revenue Federal 990 Details o Disclosure of financial support (Revenue) received through Sponsorship, Donations, Contributions, Royalties, Commissions, Fundraising 5
6 Federal 990 Details - Revenue Total Expenses Unrelated Business Income Tax (UBIT or UBTI) o Unrelated Business Income Income from business regularly conducted by an exempt organization and not substantially related to the exempt purpose or function. o A tax is imposed on the organization s UBIT. Advertising sales Membership List sales 6
7 UBIT Objective: Submit Timely and Accurate Data Financial Reports o Important Deadlines! Due to ARN National Office by late February/early March Group Tax Return due to the IRS by May 15th Objective: Compliance to Federal and State Laws 501(c)(6) Organizations An association of persons having some common business interest, the purpose of which is to promote such common interest and not to engage in a regular business ordinarily carried on for profit. No part of the business net earnings may inure to the benefit of any private shareholder or individual and it may not be organized for profit to engage in an activity ordinarily carried on for profit. 7
8 Objective: Compliance to Federal and State Laws Fundraising, Raffles and Donations o Local State laws require registration prior to event and annual reporting. Sales Tax o Local State laws require registration prior to first sale, annual reporting and payment of a tax liability. Laws vary by state. Non-compliance is illegal! Data Security All Chapter Leaders should be aware of the sensitivity of data collected from individuals (ie Social Security Numbers). All have the responsibility of keeping an individual's personal data confidential and protected. Questions? 8
9 Chapter Support ARN Chapter Liaison Susan Floutsakos direct ARN Finance Manager Roz Gaerlan direct 9
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