Ken,
Thank you, most appreciated.
Dexter
-----Original Message-----
From: Ken Young <kanawha72@xxxxxxxxxxx>
To: rc3r <rc3r@xxxxxxxxxxxxx>
Sent: Mon, Jan 9, 2017 10:36 am
Subject: [rc3r] Re: Fwd: Attached Template - Income Statement/Balance Sheet
Dexter,
I will try to put together a spreadsheet on what I know of if you
want it in a spreadsheet format. I've got a pretty good handle on all the
power and command control stuff as well as a couple of engines.
Ken
On 1/9/2017 7:44 AM, (Redacted sender vabn22 for DMARC) wrote:
Morley's reply eliminates one concern. Let's now concentrate on an
inventory of what the club
does own, and the respective values.
Dexter
-----Original Message-----
From: Richard Morley <rgmorley16@xxxxxxxxx>
To: Dexter Oliver <vabn22@xxxxxxx>
Cc: Bill Dessent (Services - 1) <bill.dessent@xxxxxxx>
Sent: Sun, Jan 8, 2017 12:02 pm
Subject: Re: Attached Template - Income Statement/Balance
Sheet
Dexter, from the sounds of your SIG's situation your
collective lives are much more simpler than the other two
SIGs which do not have members who personally own the
modules. Even though a member of either the Rantrak or VP&C
SIG may take "ownership" of/for building a given module or
the majority of a given module, said module is deemed to
be owned by the respective SIG since the track,
wire, structures, materials etc., have either been donated
by the SIG or paid for by the SIG and/or paid for by the
member who is then reimbursed by the SIG. Hence the modules
of the Rantrak and VP&C SIGs belong to the SIG and thus the
RF&P.
In your case, you would not report those personal modules
since they belong to the member - i.e. they do not belong to
the RC3R SIG. Hope this clarifies that situation. You should
report anything that belongs collectively to the RC3R SIG.
Hope that helps. - RGM
On Sun, Jan 8, 2017 at 8:08 AM, <vabn22@xxxxxxx>
wrote:
Mr Morley,
I have forwarded this instruction to the club
members, and there is a consensus opinion that
it is unclear what needs to be reported for this
purpose. We may consult a CPA for an opinion
on the reporting requirements, to wit, the
individually owned modules, which were constructed at
each owner's expense and are deemed by the club as
personal property, just like the engines and
consists which each owner runs at display.
Other club owned equipment, including rolling
stock, tools, electrical items, tables, track, funds,
etc are not in question and will be reported. We
want to discuss this as a group prior to reporting.
Dexter Oliver, Treas, River City 3 Railers
-----Original Message-----
From: Richard Morley <rgmorley16@xxxxxxxxx>
To: John Crockett <jctrainman@xxxxxxx>;
Jack <hjschmidt38@xxxxxxxxxxx>;
Dexter Oliver <vabn22@xxxxxxx>
Cc: Bill Dessent (Services - 1)
<bill.dessent@xxxxxxx>; Steve Stalnaker
<stevestalnaker@xxxxxxxxxxx>
Sent: Tue, Jan 3, 2017 11:51 am
Subject: Attached Template - Income
Statement/Balance Sheet
Gentlemen, in an effort to comply with
IRS guidelines regarding 501c3's and the
reporting of revenues, expenses,
assets and liabilities, I
am providing the attached two
tab template to each of you, as
Treasurer of your respective SIG, to
fill in and return back to me no later
than January 30th, 2017.
Gents, I want to stress that this is not
a make work project. As a group it is my
understanding that while the
RF&P might have always met
the requirements for reporting
revenue per IRS guidelines in years
past (regarding the 990 electronic
postcard); it is highly unlikely that if
push came to shove we would be able
to survive the scrutiny of an
IRS audit should we ever be
subject to one. Not to mince
words or anything but this is because
our reporting rollups that provide the
foundation for our IRS reported revenues
. . . well, they suck. Why - because
we don't have any, that's why.
The Model Railroad community is
experiencing and has experienced over
the past few years an ever-increasing
amount of non-monetary donations as
attrition in the MR world
continues to increase at
alarming rates. Our model railroaders
are dying off in very high numbers and
there doesn't seem to be enough young
people interested in the hobby
to take their place. In this day
and age it is more likely than
not that families, who do not
have any use or need for model train
related equipment after a loved one who
was a modeler passes away, turn to the
donation route to jettison said
inventory of same. All they ask
in return is a letter that will
satisfy the IRS guidelines that
will allow them to deduct their
donations on their form 1040s.
Enter the RF&P - which as a 501c3 is
capable under the law of providing said
letters for those charitable donations.
We have been approached and will
continue to be approached and
sought out by families who want
to donate their loved one's
inventory. These donations help our club
by providing many MR goods that can be
used on the modules we make. In addition
they have the potential to
generate revenue for us -
revenues that if not handled
correctly could subject us to not only
an IRS audit but throw us over the
revenue threshold that might jeopardize
our 501c3 status. None of us wants
that and in order to prepare for
the future we have got to get
our records straight now.
Hence the attached. The first tab is an
income statement for revenue and
expenses associated with what your SIG
took in and disbursed for the year
ending 2016. This should be no big deal
for at least two of the SIGS
since you are, for the most
part, doing this now - and in
most cases what you forward to me for
the year ending December 31st should
suffice.
The second tab is a balance sheet for
assets and liabilities. To my knowledge,
none of the SIGS have a balance
sheet which essentially keeps a
running total for each of the
respective with respect to
value. It is especially important when
we must track inventories - which we are
now required to do whenever we
accept a non-monetary donation.
For the most part a balance
sheet for each SIG will probably
be limited to Cash on hand at the end of
the year in addition to the replacement
value (i.e. not depreciated) we put in
our modules, our power plants, our
tools, any donations and our
equipment.
Please do not manipulate the
spreadsheets in any way, shape or
manner. The attached is not meant as a
final product but simply a first blush
at an evolving finished product that
would stand up to IRS
scrutiny. I have purposely not
locked or frozen any of the cells
or formulas but will do so if I have to
- so please do not fool with the order,
the formulas etc.
Gentlemen, please do your best. It may
look like an onerous task but it is
really quite simple and could probably
be handled in a very limited
amount of time. Enlist the help
of your SIG members and let's
get it done. These are safeguards
that we should have been doing since our
inception. You are welcome to e-mail me
with your questions. - RGM
