I revised the spreadsheet so this is my best guess. Feel free to add or
change whatever you think is incorrect.
Ken
On 1/16/2017 6:40 AM, (Redacted sender vabn22 for DMARC) wrote:
John,
Probably not; I am dealing with some contractors at my house for most of the day.
Dexter
-----Original Message-----
From: John Crockett <dmarc-noreply@xxxxxxxxxxxxx>
To: rc3r <rc3r@xxxxxxxxxxxxx>
Sent: Sun, Jan 15, 2017 11:39 am
Subject: [rc3r] Re: Fwd: Attached Template - Income Statement/Balance Sheet
Dexter,
Any chance you will be by GBGH this afternoon? I'll have my dues check with me.
John
-----Original Message-----
From: dmarc-noreply <dmarc-noreply@xxxxxxxxxxxxx <mailto:noreply@xxxxxxxxxxxxx>>
To: rc3r <rc3r@xxxxxxxxxxxxx <mailto:rc3r@xxxxxxxxxxxxx>>
Sent: Fri, Jan 13, 2017 1:07 pm
Subject: [rc3r] Re: Fwd: Attached Template - Income Statement/Balance Sheet
The trailer purchase price was $4,614.12
Dexter
-----Original Message-----
From: Ken Young <kanawha72@xxxxxxxxxxx <mailto:kanawha72@xxxxxxxxxxx>>
To: rc3r <rc3r@xxxxxxxxxxxxx <mailto: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 <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
Attachment:
RC3R Assets REV 1.xlsx
Description: application/vnd.openxmlformats-officedocument.spreadsheetml.sheet
