[Lswtalk] Issues found while working on bylaws

[Erin Chesnutt]

You've got nothing to apologize for, Jess. Keep on keepin' on, girl; 
you're doing great.

Thank you,

Erin N Chesnutt, MLIS
Director



		Beauregard Parish Library
	205 S. Washington Ave.
	DeRidder, La 70634

	337-463-6217 (Phone)
	337-462-5434 (Fax)

	http://library.beau.org

On 05/21/2014 09:59 AM, Jessica Hutchings wrote:
> Hey everyone,
>
> I'm glad that we're looking at this issue, because I find it to be very confusing. I have not been filing this postcard. A few years ago when I was a new treasurer, I met with an accountant about how to file taxes. She explained to me that because we take in less than $50K a year, we did not need to file. To the best of my memory, she did not mention that I needed to submit a postcard. She and I did not have a long conversation, and I didn't know enough at the time to ask questions about 501(c)(3) organizations.
>
> When I became treasurer, I didn't really have any guidelines or instructions. I received a big box of papers, so I did my best to organize everything and move forward. I went through my Libraries Southwest drawer this morning, and I am still not seeing any paperwork related to 501(c)(3) organizations. I did not see anything tax-related, other than some interest statements that we receive annually from our savings account. My drawer of Libraries Southwest stuff goes back to about 1997. It's mostly a mix of LSW Registration and Author Dinner paperwork.
>
> Thank you for your research, Erin and Beverly. Let me know what you think I need to do next. Yes, our receipts from the last 4 years are less than $10K. I am so sorry that I have not kept up with this properly, and I am looking forward to getting everything straight.
>
> Thank you,
>
> Jessica
>
>
>
>
>
>
>
>
> ----- Original Message -----
> From: "Erin Chesnutt" <echesnut at beau.org>
> To: lswtalk at beau.org
> Sent: Tuesday, May 20, 2014 7:10:10 PM
> Subject: [Lswtalk] Issues found while working on bylaws
>
> All,
> I got in touch with Rob who, among other things, told me that 501c(3)
> organizations are required to file an annual information return. Failure
> to do so for 3 consecutive years results in immediate revocation of
> 501(c)(3) status.
>
> I did a little digging based on this and found that our organization would
> be required to annually file Form 990-N which is an e-postcard, according
> to the IRS's description. More info on that here :
> http://www.irs.gov/Charities-&-Non-Profits/Annual-Electronic-Filing-Requirement-for-Small-Exempt-Organizations-Form-990-N-%28e-Postcard%29
>
> I used the Exempt Organization Select Check tool from IRS to see if we are
> still listed as a tax-exempt organization; I don't see our name on their
> list.  I also don't see our name on the revoked list, but I think that
> database only covers the past x years.
>
> Has someone been filing this and I'm just looking in the wrong places?
>
> If our status has, indeed, been revoked, then we seem to be looking at
> filing another form and paying a user fee to get reinstated. I believe our
> annual gross receipts from the past 4 years falls under $10,000. If so,
> the user fee would be $400. If not, it looks like it would be $850.  More
> on that here:
> http://www.irs.gov/Charities-&-Non-Profits/Reinstatement-of-Tax-Exempt-Status-after-Automatic-Revocation.
>
> It seems to me that if we want to move forward with granting a
> scholarship, we need to get this in order sooner rather than later. It
> feels hinky (nice word, yes?) to me, otherwise.
>
>
>
> Thank you,
>
> Erin N Chesnutt, MLIS
> Director
> Beauregard Parish Library
>
> 337-463-6217
> echesnut at beau.org
>
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