Makes sense. Probably we should sit down at the next meeting to get this
figured out
Sent from my iPhone
On Jan 7, 2017, at 17:01, tlg225ccr94@xxxxxxxxxxx wrote:
TimeSaver is mine.
Gilly
On 01/07/17, pcondro@xxxxxxxxx wrote:
Hey everybody.....I just called the GBGH and they are CLOSED today
Peter
Sent from my iPhone
On Jan 7, 2017, at 10:49 AM, Christopher Nagle
<christopher.j.nagle@xxxxxxxxx> wrote:
Forgot about the small layout, possibly TimeSaver, and a couple of other
club-owned items. But the modules on the big layout are all individually
owned to the best of my knowledge, except for the bridge.
From: rc3r-bounce@xxxxxxxxxxxxx [mailto:rc3r-bounce@xxxxxxxxxxxxx] On Behalf ;
Of Redacted sender "vabn22" for DMARC
Sent: Saturday, January 7, 2017 10:23 AM
To: rc3r@xxxxxxxxxxxxx
Subject: [rc3r] Fwd: Attached Template - Income Statement/Balance Sheet
Gentlemen,
I resubmit this request from Mr Morley, due Jan 30. I need some
assistance to reply.
No doubt each module owner is familiar with his module, and can give some
feedback on its
value.
Regarding club equipment, perhaps we should prepare an inventory. That
would be
helpful in keeping track ( pun intended ) of the items.
I received our end of year account from Village Bank this week, and
will prepare a final
2016 account of our finances. There are several outstanding checks per the
bank, to wit:
No. Payee Amount Issue date
1110 Peter Condro $14.13 080516
1119 Chris Nagle $ 10.61 122416
1120 Bill Robertson $ 7.38 122416
1121 Chris Nagle $ 66.00 123116
The latter 3 should clear by the next bank statement; I urge the first
one to be
negotiated, or advise me other intentions.
Thanks, and Happy New Year to all.
Dexter Oliver, Treas.
-----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
