Kevin Eitel gave a semi-annual treasurer’s report to the club membership on Tuesday morning. Kevin noted that a new electronic bookkeeping system has been adopted that will allow members to pay dues and make contributions online. Additionally, payments can be made via debit or credit card, using Stripe and PayPal. This system should be ready when the next quarterly dues become due.
Further, there is a new electronic database that shows current status of dues for all members, as well as when their next dues payment is required. It automatically updates once payment is rendered, and adjusts for each quarter. He also described some changes in IRS rules that the club has, or will, address, for full compliance, related to Administrative [501(c)(4)] vs Service [501(c)(3)]; and that, as of this FY, we have separate bank accounts for each.
Kevin went through both the Service budget and the Administrative budget, and how income and expenses are assigned to one budget or the other. He moved the tracking of the Annual Scholarships to the Foundation for tax-exempt status, and noted that the Foundation had voted last week to contribute to sponsor the speaker at Boys’ and Girls’ Home at Lake Waccamaw on 21MAY20.
Kevin answered a few questions from the members about expenses and income. He also noted that, in general, the club is going to have to find additional income sources as we are just ‘breaking even’ each year with no fund surplus to carry us over in years when income drops. Finally, we need to find fundraisers to increase our Service Budget, including annual end of FY donations to the Club Foundation.
Last Updated: March 11, 2020 by mbenson
Treasurer Report
Kevin Eitel, Club Treasurer
Kevin Eitel gave a semi-annual treasurer’s report to the club membership on Tuesday morning. Kevin noted that a new electronic bookkeeping system has been adopted that will allow members to pay dues and make contributions online. Additionally, payments can be made via debit or credit card, using Stripe and PayPal. This system should be ready when the next quarterly dues become due.
Further, there is a new electronic database that shows current status of dues for all members, as well as when their next dues payment is required. It automatically updates once payment is rendered, and adjusts for each quarter. He also described some changes in IRS rules that the club has, or will, address, for full compliance, related to Administrative [501(c)(4)] vs Service [501(c)(3)]; and that, as of this FY, we have separate bank accounts for each.
Kevin went through both the Service budget and the Administrative budget, and how income and expenses are assigned to one budget or the other. He moved the tracking of the Annual Scholarships to the Foundation for tax-exempt status, and noted that the Foundation had voted last week to contribute to sponsor the speaker at Boys’ and Girls’ Home at Lake Waccamaw on 21MAY20.
Kevin answered a few questions from the members about expenses and income. He also noted that, in general, the club is going to have to find additional income sources as we are just ‘breaking even’ each year with no fund surplus to carry us over in years when income drops. Finally, we need to find fundraisers to increase our Service Budget, including annual end of FY donations to the Club Foundation.
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