The Penn Flyer set is not a club asset as we gave it away.
The big item I'm missing is the cost of the trailer. Can someone tell me
what it was?
Ken
On 1/13/2017 7:58 AM, William Robertson wrote:
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 <mailto: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 <mailto:kanawha72@xxxxxxxxxxx>>
To: rc3r <rc3r@xxxxxxxxxxxxx <mailto: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>
<mailto:rgmorley16@xxxxxxxxx>
To: Dexter Oliver <vabn22@xxxxxxx> <mailto:vabn22@xxxxxxx>
Cc: Bill Dessent (Services - 1) <bill.dessent@xxxxxxx>
<mailto: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
<mailto: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
<mailto:rgmorley16@xxxxxxxxx>>
To: John Crockett <jctrainman@xxxxxxx
<mailto:jctrainman@xxxxxxx>>; Jack
<hjschmidt38@xxxxxxxxxxx
<mailto:hjschmidt38@xxxxxxxxxxx>>; Dexter Oliver
<vabn22@xxxxxxx <mailto:vabn22@xxxxxxx>>
Cc: Bill Dessent (Services - 1) <bill.dessent@xxxxxxx
<mailto:bill.dessent@xxxxxxx>>; Steve Stalnaker
<stevestalnaker@xxxxxxxxxxx
<mailto: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
