Financial Reports - Q1 2013
- Thread starter jcarlilesiu
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jcarlilesiu
Member
Can a moderator sticky this please.
Many of our members have expressed an interest in the financial reports and I want to ensure they ask have an opportunity to see them.
Thanks in advance.
Many of our members have expressed an interest in the financial reports and I want to ensure they ask have an opportunity to see them.
Thanks in advance.
DopeCantWin
Active member
I find it interesting that you don't allow non-members to read the financials. I figured as a nonprofit you'd be fine with anyone reading them.
jcarlilesiu
Member
Guys, I will talk to the rest of the board about your request and see what they think about opening it up to the general public.
In my opinion, and my vote will be, to keep the documents for our memberships use and information only.
We are a non-profit, but we are a private club with paid members. Our members have a right to understand where and how the clubs money is being spent as their dues are part of our revenue stream.
I am not sure what benefit the club, or our members would have, by allowing our financial information being provided generally to anybody that wants it. As such, I will be voting "no" to the request but I will let you know what the Board's decision is.
In my opinion, and my vote will be, to keep the documents for our memberships use and information only.
We are a non-profit, but we are a private club with paid members. Our members have a right to understand where and how the clubs money is being spent as their dues are part of our revenue stream.
I am not sure what benefit the club, or our members would have, by allowing our financial information being provided generally to anybody that wants it. As such, I will be voting "no" to the request but I will let you know what the Board's decision is.
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DopeCantWin
Active member
Don't you have to follow http://www.nolo.com/legal-encyclope...ofits-finances-public-information-28028.html?
SkullV
They Got My Number
They will HAVE to submit a form 990-N to keep the non-profit status. It will be accessible to all on guidestar.org Jake Carlile will have no bearing on whether or not it is available. Just may take some time to show up after (if) it is submitted.
It will be here:
http://www.guidestar.org/organizations/45-4088302/chicago-marine-aquarium-society.aspx
The date structure for the 990 is found here:
http://www.irs.gov/Charities-&-Non-Profits/Return-Due-Dates-for-Exempt-Organizations:-Annual-Returns
The information that will be available to the public will include the following:
http://www.irs.gov/Charities-&-Non-...for-Small-Organizations:-Information-Reported
It will be here:
http://www.guidestar.org/organizations/45-4088302/chicago-marine-aquarium-society.aspx
The date structure for the 990 is found here:
http://www.irs.gov/Charities-&-Non-Profits/Return-Due-Dates-for-Exempt-Organizations:-Annual-Returns
The information that will be available to the public will include the following:
http://www.irs.gov/Charities-&-Non-...for-Small-Organizations:-Information-Reported
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yogoshio
New member
I would argue that not only the legality of the public display, but also the transparency being a large issue many have had with CMAS in general. The fact this had to be asked is rather silly.
And the benefit to the club would be more members. Not sure why that wouldn't be clear. People want to see how their money WOULD BE spent rather than pay upfront and hope for the best. I'm not going to join Cosco when if I can't see the discounts I'd get first. Same principle.
And the benefit to the club would be more members. Not sure why that wouldn't be clear. People want to see how their money WOULD BE spent rather than pay upfront and hope for the best. I'm not going to join Cosco when if I can't see the discounts I'd get first. Same principle.
For anyone that is interested that doesn't want to wait for the sites listed you can request to see all the Form 990 documentation and the board must make it available to you at the primary place of business within 30 days of receiving formal request in writing I believe. (it might be 60 days, I cant remember exactly)
And there is far more information on the Form 990's then what was released in this document.
SkullV
They Got My Number
For the most part you have to be a member of the organization to get the information with a request like that but some states are a bit different. Not sure where Illinois falls, but the 990 is Federal. The 990 due date has to be coming up soon or has already passed based on the "re-incorporation" date of the club.
DopeCantWin
Active member
Let's say a member just posts the report somewhere else, is that illegal?
You correct I just went back and looked at (805 ILCS 105/107.75) (from Ch. 32, par. 107.75) and it is voting members that have that right, but I believe you can request the 990's for any year with a FOIA request directly including past years
mikewheatbread
New member
I just found this forum and I would be very interested in taking a look a at the reports before officially joining, this seems to make the most sense. I think its silly to join then ask to see them.
SkullV
They Got My Number
You don't need a FOIA request. Guidestar.org is free and publishes all of them. CMAS was in default for the last 3 years and re-incorporated in 2012 so there will be no past reports.
DopeCantWin
Active member
What does "in default" mean?
yogoshio
New member
Meaning they hadn't filed or were inactive.
yogoshio
New member
mikewheatbread
New member
Huh, common sense. You MUST be new
yeah I'm new, so are you, Feb 2012 looks new to me to. Maybe we should attend a meeting and get more informed about where the money is being spent.
SkullV
They Got My Number
Failed to file. The status was revoked, not changed to inactive. I'll be the first to admit that the financial report that was posted looks good. Won't deny that. But Jake Carlile's post above is proof that there is a whole lot more that is wrong with the way CMAS is run and who is running it.
jcarlilesiu
Member
You aren't going to bait me Ted Horowitz.
I'm am free to have my opinion just like anybody else, and I provided it in a respectful manner.
My obligation is to the paid members off the club and thus my opinion and my voting is representative of that.
I will let the rest of the board weigh in on a final decision of the request.
This will be my final post here. Congrats on your graduation from law school. Have a nice evening.
I'm am free to have my opinion just like anybody else, and I provided it in a respectful manner.
My obligation is to the paid members off the club and thus my opinion and my voting is representative of that.
I will let the rest of the board weigh in on a final decision of the request.
This will be my final post here. Congrats on your graduation from law school. Have a nice evening.
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