[rsc] Re: Budgets - allocations of Funds
- From: Eleanor Brownfield <stagemgrefb@xxxxxxxxx>
- To: rsc@xxxxxxxxxxxxx
- Date: Mon, 6 Apr 2009 05:10:36 -0700 (PDT)
Thank you, Hope and Kathie, for making this clear to us all. It seems useful
to have it laid out in this way. I agree with Kathie about not waiting for the
bookkeeper when that is possible.
In practice, I have already seen how this works, as I do not itemize on my
taxes, so Priscilla handled the financial part of the LE in Atlanta last June,
even though I was designated "host" and it might have been part of my job
description.
We persevere! ; } Eleanor B
Crush defeatism!
Insist on joy in spite of everything.
Dream of a world without need.
Together we are stronger than greed and fear.
YES, WE CAN!
--- On Mon, 4/6/09, Kathie de Nobriga <kdenobriga@xxxxxxxxxxxxxx> wrote:
From: Kathie de Nobriga <kdenobriga@xxxxxxxxxxxxxx>
Subject: [rsc] Re: Budgets - allocations of Funds
To: rsc@xxxxxxxxxxxxx
Date: Monday, April 6, 2009, 2:34 AM
I like the idea of having the office pay the fees (which are predictable,
should be connected to a written agreement, and which might imply an IRS form
1099-MISC at year's end), and giving any one of the Team members a check for
the expenses. For example, personally I wouldn't have any trouble tracking the
money as income /expenses because I itemize business deductions anyway, and
taxes are figured on the net, not the gross. Cash in = cash out = no tax
impact. If you don't file a Schedule A (or is it a C?), then it's a problem,
and if none of the team members file the more complicated return, they could
request that the office handle it.
But the benefit of handling the money through one person (rather than 5-6
people sending separate expense reimbursements to the office), is that you
(me, whoever) can more easily stay on top of expenditures. Otherwise we have
to wait for the bookkeeper to give us a report that is accurate. I like the
ROOTS bookkeeper fine, but it took much longer than it should have to get an
answer to the question, "how much money did we spend?"
My two cents' (three cents before deduction)'s worth,
K
Dear RSC,
Something to clarify is who issues the checks once the RSC teams have
determined their final budgets.
Because I was given the amount of money alloted for the LE I hosted in
Chestertown and wrote out the checks to pay people for their work, I am
required now to itemize those allocations as my expenses when doing my taxes.
Another way to say it is because I received the hunk of money to cover food and
peoples expenses as well as their fees, I have to treat the money I received
from ROOTS as my business and itemize who I paid and what was spent in order
not to pay taxes on that "income".
This is another hunk of work to consider.
Perhaps we should clarify that once RSC Teams have determined their final
budget, the ROOTS office issues the checks to pay fees. Hosts I presume would
still have receive the money to cover food and supplies, and that would be
something that they would have to track for their taxes.
Perhaps someone can explain this better then I, but I think this is something
important to address, and become clear about our procedure.
best,
Hope Clark
http://homepage.mac.com/hopeclark/iMovieTheater11.html
--
Kathie deNobriga
PO Box 1087
Pine Lake GA 30072 USA
(404) 299-9498 phone & fax
(678) 427-9673 cell
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