C.Jett Posted May 16 Share Posted May 16 Larry - I can't edit the poll, but might be able to edit the other text if that is what you mean. But read on before we worry about that. Chris - Well stated. All - The paralegal got back with me this morning and they, she and the lawyer, are thinking that we don't qualify for being a 501c7. Their thinking is: Voting: Membership in a non-profit brings with it voting rights, and at a minimum the members need to vote to elect the board of directors. And there needs to be a quorum defined that says how many minimum votes it takes to be a legit election. In the past they've seen as small as 10% of the membership as the quorum, but she thought we might be able to go as low as 5%. Putting that in perspective, 2131 members x 5% = 107 votes. So we'd have to get at least 107 members to vote. And that would be a bit of an issue on Nabble as there really is no emailing function. Maybe it can be done on InVision? Or, maybe just the ability to put up a notification would suffice, and we can do that on InVision. So, if we could wait to do that until after the move maybe it would work. Exclusive Activities: The whole idea of a "social club" is to socialize and that requires in-person meetings which are exclusive. I explained that we sorta have that in the meeting on Friday ahead of the truck show, but she wasn't sure that would be enough - especially when I told her that we might only have 10 - 15 members there. Dues/Fees/Assessments: They are now not sure that contributions are acceptable as the only way of funding a non-profit. They are one way, but maybe not acceptable as the only way. They gave me links to two publications to read, and I'm in the midst of doing that. And then I'm to get back with them via email to explain how I think we comply, assuming I think we do comply. They'll then review that and let me know if they think it'll work, if we need to make other changes, or just won't fit. The alternative is that y'all send me money and I keep it separate from our personal funding by establishing a separate bank account. But all of that money will be taxable to me at ~25%, so the move will cost $2,250 and the annual fee will be more like $1,250. But we'd not have the $500 fee to set up the non-profit and wouldn't have to have a board of directors, voting, etc. I would appreciate your thoughts on this. Gary, it seems to me that the members are the biggest problem. 20 votes??? There’s got to be a way to contact members! You confirmed to me that you have paid all expenses all these years. It’s time the members carry the load. Form an Okla. corporation or LLC and be done with it. Charge members dues and ask for a donation. Hopefully there is enough active members to answer the call. Come on guys the guy that has given so much needs your help !!! CJ Link to comment Share on other sites More sharing options...
Ford F834 Posted May 16 Share Posted May 16 No one has voted for Bullnose Bible Club, so from now on through the poll a vote for that will be a vote for Bullnose Truck Enthusiast Club. GO VOTE! I actually held off voting at first, because all of the choices seemed a bit awkward. I like this one, I just worry the poll won’t give it a fair shake since the actual name being voted for is buried in the comments. I am, in fact, not a fan of any of the Bible reference names. Link to comment Share on other sites More sharing options...
Gary Lewis Posted May 16 Author Share Posted May 16 Gary, it seems to me that the members are the biggest problem. 20 votes??? There’s got to be a way to contact members! You confirmed to me that you have paid all expenses all these years. It’s time the members carry the load. Form an Okla. corporation or LLC and be done with it. Charge members dues and ask for a donation. Hopefully there is enough active members to answer the call. Come on guys the guy that has given so much needs your help !!! CJ CJ - Thanks, but the farther I get into this the more I realize that the main issue is taxes. Here are the options I see: 1. No 501C7, just a separate bank account and pay the taxes. So we'll need to have 25% more in contributions but we save the $500 lawyer fee. And we don't have to have annual meetings, file any special paperwork, etc. Initially the $1800 for migration will have to be $2250 to cover the taxes. And ongoing the $1000 annually will need to be $1250. 2. OK 501C7, if we meet the standards, and then federal tax relief. Saves us the 25% but costs us $500 up front in lawyers fees. So the up-front one-time cost is $1800 + $500 = $2300. And the annual costs are expected to be $1000. So the up-front fees are a wash at $2250 - 2300. The difference is in the annual costs of $1000 vs $1250. And even that's not too hard to cover. Let's wait and see what the lawyer says, maybe next week. At least we will have a definitive answer and we can make a decision based on facts. Link to comment Share on other sites More sharing options...
Nothing Special Posted May 16 Share Posted May 16 CJ - Thanks, but the farther I get into this the more I realize that the main issue is taxes. Here are the options I see: 1. No 501C7, just a separate bank account and pay the taxes. So we'll need to have 25% more in contributions but we save the $500 lawyer fee. And we don't have to have annual meetings, file any special paperwork, etc. Initially the $1800 for migration will have to be $2250 to cover the taxes. And ongoing the $1000 annually will need to be $1250. 2. OK 501C7, if we meet the standards, and then federal tax relief. Saves us the 25% but costs us $500 up front in lawyers fees. So the up-front one-time cost is $1800 + $500 = $2300. And the annual costs are expected to be $1000. So the up-front fees are a wash at $2250 - 2300. The difference is in the annual costs of $1000 vs $1250. And even that's not too hard to cover. Let's wait and see what the lawyer says, maybe next week. At least we will have a definitive answer and we can make a decision based on facts. As I said before, I'm no expert! But it doesn't seem obvious to me that you would need to pay taxes on whatever money comes in. If the funding is set up as voluntary contributions rather than a fee charged, isn't that a lot like gifts? And gifts aren't taxable up to a certain limit that's WELL above anything we're talking about here. And if the fact that they are contributions rather than charged dues makes a difference on whether this qualifies as a 501©(7), then it makes sense that it would make a difference on whether or not you would be taxed on it. Definitely don't go off my word, but it might be a question to ask the experts. Link to comment Share on other sites More sharing options...
Gary Lewis Posted May 16 Author Share Posted May 16 As I said before, I'm no expert! But it doesn't seem obvious to me that you would need to pay taxes on whatever money comes in. If the funding is set up as voluntary contributions rather than a fee charged, isn't that a lot like gifts? And gifts aren't taxable up to a certain limit that's WELL above anything we're talking about here. And if the fact that they are contributions rather than charged dues makes a difference on whether this qualifies as a 501©(7), then it makes sense that it would make a difference on whether or not you would be taxed on it. Definitely don't go off my word, but it might be a question to ask the experts. Bob - Good point. I’ll check with my tax consultant. Link to comment Share on other sites More sharing options...
BigBrother-84 Posted May 16 Share Posted May 16 No one has voted for Bullnose Bible Club, so from now on through the poll a vote for that will be a vote for Bullnose Truck Enthusiast Club. GO VOTE! I actually held off voting at first, because all of the choices seemed a bit awkward. I like this one, I just worry the poll won’t give it a fair shake since the actual name being voted for is buried in the comments. I am, in fact, not a fan of any of the Bible reference names. I CHANGED MY VOTE !! I finally chose to vote for «Bullnose Truck Enthusiast Club». No one has voted for Bullnose Bible Club, so from now on through the poll a vote for that will be a vote for Bullnose Truck Enthusiast Club. But, if this choice happens to win, we’ll probably need a second round polling, in order to decide who’s gonna be THE enthusiast… or to add an “s”. Link to comment Share on other sites More sharing options...
Gary Lewis Posted May 16 Author Share Posted May 16 I CHANGED MY VOTE !! I finally chose to vote for «Bullnose Truck Enthusiast Club». No one has voted for Bullnose Bible Club, so from now on through the poll a vote for that will be a vote for Bullnose Truck Enthusiast Club. But, if this choice happens to win, we’ll probably need a second round polling, in order to decide who’s gonna be THE enthusiast… or to add an “s”. Funny man! Link to comment Share on other sites More sharing options...
C.Jett Posted May 16 Share Posted May 16 I know I'm new here but will wade in, I do think Ratdude has a point.....so what about Bullnose Truck Enthusiasts Club Paul Paul, I like it, Bullnose Truck Enthusiasts Club, this is coming from a one finger typist. CJ Link to comment Share on other sites More sharing options...
Rockhauler Posted May 16 Share Posted May 16 Paul, I like it, Bullnose Truck Enthusiasts Club, this is coming from a one finger typist. CJ C.Jett your not the only 1 finger typer out there. As for the name Bullnose Truck Enthusiasts Club I simply combine the posts of yours, Ratdude, and Bob and Kurt's posts so if it wins the credit goes to the 4 of you. Jeff no vote needed for who the enthusiast is that would be Gary hands down. Paul Link to comment Share on other sites More sharing options...
BigBrother-84 Posted May 16 Share Posted May 16 Jeff no vote needed for who the enthusiast is that would be Gary hands down. Ok, so voting «Bullnose Truck Enthusiast Club» is in fact voting Gary’s Club! Nice try, it was subtil but sorry, you’re caught Gary. Link to comment Share on other sites More sharing options...
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