The trailer purchase price was $4,614.12
Dexter
-----Original Message-----
From: Ken Young <kanawha72@xxxxxxxxxxx>
To: rc3r <rc3r@xxxxxxxxxxxxx>
Sent: Fri, Jan 13, 2017 10:02 am
Subject: [rc3r] Re: Fwd: Attached Template - Income Statement/Balance Sheet
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> 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>
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
