Foundation/Local Chapters/United States/Minutes-2014-11-12

Attendees

• Keri
• Ian
• Martijn
• Alex
• Katie

Notes

• 2011/2012 QuickBooks
  • Keri used older QuickBooks dump to prepare an estimate
  • QuickBooks numbers changed underneath after the estimate
• How is the 50k limit is calculated? Alex
  • First year in existence and it's under 50k you use a 990N
  • Year one and two of existence need to be under 50k
  • Between one and three years old you have to have averaged 60k or less in the first two tax years
  • Three years or older, if you average 50k or more in gross receipts
  • 2010 was a 990N
  • 2011 was a 990N
  • 2012 gross receipts was below 60k for the two years so we're 990N
  • 2013 we will not be able to file a 990N, it will have to be 990EZ
• Keri needs a bank reconciliation report. Katie will get that to her.
• Katie has spent yesterday and today getting access to accounts and will spend time reconciling today
• Keri needs an e-mail saying that it's ok to proceed beyond the fee estimate