The club purchased in 2016 from Tiny Tim's the following:
# 30190 Lionel L.C. Thomas Set $125.00
# 30233 Lionel L.C. Penn Flyer set ( 36 W ) for the raffle $195.00
# 37156 Lionel Cab. 1 L Base $100.00
MTH # 50-1001 DCS Bundle System $295.00
Bill R.
On Thu, Jan 12, 2017 at 11:07 PM, John Crockett <dmarc-noreply@xxxxxxxxxxxxx
wrote:
What about the 2 tin-plate trains donated? I was under the impression the
corner modules were club modules. Nice job Ken; excellent start.
John
-----Original Message-----
From: Ken Young <kanawha72@xxxxxxxxxxx>
To: rc3r <rc3r@xxxxxxxxxxxxx>
Sent: Thu, Jan 12, 2017 9:18 pm
Subject: [rc3r] Re: Fwd: Attached Template - Income Statement/Balance Sheet
Attached is my attempt at identifying the club owned items and their
value. I took this from the spending tracking spreadsheet I kept up through
the end of 2015. It is missing everything the club purchased in 2016 (like
the trailer, trainset for club use, and the second sets of command control
equipment). Also, there are engines and rolling stock that was donated to
us so that needs to be added. The 2016 values are best guesses from what
I've seen things selling for. Feel free to make changes and add items I've
missed.
Compared to the HO and N guys in the RF&P our SIG really doesn't have that
much.
Ken
On 1/9/2017 10:36 AM, Ken Young wrote:
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> <rgmorley16@xxxxxxxxx>
To: Dexter Oliver <vabn22@xxxxxxx> <vabn22@xxxxxxx>
Cc: Bill Dessent (Services - 1) <bill.dessent@xxxxxxx>
<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
