As your very first treasurer I want to thank you for giving me this opportunity. I am very excited to hold this position and look forward to serving you in the best way I know possible. I spent twenty-eight years of my life in the field of bookkeeping. Throughout those years I gained a wealth of knowledge. Although I would never profess to be an expert I feel confident I can handle the responsibility set before me.
As was mentioned by our president Wendy Franczak, beginning this month we will start collecting annual dues. Dues for this year are $25.00. Acceptable methods of payment are cash or check. If paying by cash please bring exact change. If paying by check please make the check out to either Madison Modern Quilt Guild or MadModQG. If you have further questions about dues collection, the intended use of the dues and/or special fees please refer to the MadModQG’s bylaws.
I have successfully applied for and received our FEIN #. Since we are not a registered nonprofit, corporation, LLC, etc., the number was issued for banking purposes only. Should we decide to formally register as one of these types of entity’s, changes will have to be made in our records with the IRS.
Speaking of possible changes in our IRS status, we as a group must make some decisions. The Modern Quilt Guild organization has a link to a list of pros and cons to organizing as a 501(c)(3) nonprofit. A link to that document can be found here. Rather than list the information here I highly recommend we all visit their website to educate ourselves on the advantages and disadvantages. Once we have weighed the pluses and minuses we must ultimately decide which option best fits our intentions.
Filing for 501(c)(3) status is not cheap. As outlined in the above document the fees can range in the neighborhood of $200-$400. If we choose to pursue this avenue it would be advantageous to utilize any connections one or more of us might have with a lawyer or a CPA. Whether or not obtaining 501(c)(3) status is the best option for our organization would be something we could ask that individual.
As a group we must set aside time to discuss this matter. Although an immediate answer is not necessary we need to have an ongoing conversation. The larger our organization grows and the larger our treasury becomes the more urgent this issue will be. Please thoughtfully consider these questions. Your input is essential to the successful outcome of our guild.