President Elects Training Seminar 2019 Rotary District 7570 Jim Ridenour D7570 Treasurer Rotary Club of Staunton-Augusta County

Club Bylaws 2016 Manual of Procedure Article 9 Finances Section 1 — Before each fiscal year starts, the board prepares an annual budget of estimated income and expenditures. Section 2 — The treasurer deposits club funds in a financial institution or institutions designated by the board, divided into two accounts: one for club operations and one for service projects. Section 3 — Bills are paid by the treasurer or another authorized officer and approved by two other officers or directors. Section 4 — A qualified person conducts a thorough annual review of all financial transactions. Section 5 — Club members will receive an annual financial statement of the club. Section 6 — The fiscal year is from 1 July to 30 June.

Dues Summary for amount frequency annual when paid RI dues $ 34.00 $ 34.00 half year $ 68.00 July 1 Jan 1 Magazine $ 6.00 $ 12.00 Insurance $ 2.80 per year July 1 COL $ 1.50 District dues $ 38.00 December 1 Total annual $ 122.30 Per quarter $ 30.58

IRS – Tax Filing Rotary Club is 501(c) 4 Gifts to the club are not tax deductible If you have a foundation it is a 501(c) 3 Gifts to The Rotary Foundation and club foundations are tax deductible Club must file a form 990-N if gross receipts <$50,000 (includes meal payments) Year ends June 30 – due by Nov 15 Fail to file for 3 years – may lose tax exempt status More info at irs.gov

Questions and Help Jim Ridenour, District Treasurer jimr@cfw.com 540-448-0308 Jacob Higginbotham, District Asst. Treasurer Jhigginbotham16@yahoo.com 423-943-4459