Welcome Guest. Register Now!  


Non-Profit Organisation Non Profit Organisation


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-15-2010, 02:28 PM
Junior Member
 
Join Date: Nov 2010
Posts: 1
Athletic Booster Club

I have been nominated a VP of our 501 c (3) athletic booster club which supports a competitive cheerleading gym. Our booster club currently organizes fund raising activities for parents at professional sporting events concession stands like NBA, NFL, Professional Racing, Minor League Baseball, and Music Concert venues. The monies these activities generate are then disperssed to the parents accounts as a "scholarship" to help offset the expenses incurred by their child for this activity. Our club currently takes out 10% of these monies and then donates it to the Gym for the betterment of all participants. I have been told by previous leadership the reason our club takes out the 10% of these monies the parents generate by working these events is to maintain our 501 c (3) status. Is this correct? I have also had parents complain, saying "at other booster clubs they participate in for their child they do not withdraw 10%". Could our club not withdraw 10% of the monies earned, but rather deposit 100% into the parents account and still maintain tax exempt status? Do the parents have to report this money on their taxes?

Thanks



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 12-06-2010, 08:40 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Maybe you can get some advise from a NPO, non-profit organization, expert. The contribution to the gym does not have anything to do with the 501(c)(3) status. Just because the non-profit gives to another non-profit makes no nevermind.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 04-11-2011, 10:02 PM
Banned
 
Join Date: Apr 2011
Posts: 3
im a member of a non-profit organization as well and that made me question also but thanks for clarifying it Wnhough.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 05-08-2013, 09:20 AM
Junior Member
 
Join Date: May 2013
Posts: 5
Athletic Booster Club

I don't have much experience in this but according to me this money you find from fund rising and its a kind of charity so charity money is not included in taxation. for more accurate answer consult with any lawyer.

gold coast aged care


Last edited by TaylahRuatoka : 05-13-2013 at 09:41 AM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Small kennel club to become non-profit??? fishguru Non-Profit Organisation 0 09-18-2008 03:17 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.