CHAPTER TREASURER FEDERAL & STATE FILING REQUIREMENTS - - PowerPoint PPT Presentation

CHAPTER TREASURER FEDERAL & STATE FILING REQUIREMENTS

Presented by Jen Milam

Three Parts to Understand:

1. Annual Report 2. EIN 3. Income Tax Umbrella

DEPARTMENT OF STATE

1. Annual Report

Incorporated Chapters

• Must file a Non-Profit Corporation Annual Report

with the FL Department of State. It is imperative this report be processed

by May 1st

To AVOID a $400 PENALTY

PLAN AHEAD!

KNOW WHO FILED THE PRIOR YEAR!

• Reminders will be emailed to the address they

have on record.

• Detailed instructions & website links in your

Quick Tips Treasurer Timeline

What Questions are on the Annual Report?

• Need Document Number
• The report asks for the contact information
• f your current Chapter Officers:
• President
• President-Elect
• Secretary/Treasurer
• These can be the same person.
• No financial information is requested.

Paying for your Annual Report

• Filing costs about $65 per year
• Credit card: Complete online by April 25
• Check: Mail it by April 1

• 1. Annual Report –What if I DON’T File on Time?
• $400 penalty after May 1st
• 4th Friday of September administratively

dissolved or revoked

• May be reinstated, but it requires:
• Reinstatement application
• Reinstatement fee ($175 for Non-Profit)
• Annual report fee ($65 +/-)

• 1. Incorporating Your Chapter

1.

Protect your Chapter Officers

2.

Submit Articles of Incorporation (prototype available)

3.

Get a new EIN as an incorporated entity

4.

Re-file under the FSNA Federal Income Tax umbrella Check the website or contact the FSNA State Office

How do we keep track of everything?

• On your jump drive! 
• Previous Local Chapter Officers
• FSNA Website – Chapter Leader Resources
• Forms to Download
• PowerPoints
• Short How-To’s
• Webinars TBA

Part 2 – Internal Revenue Service

2. EIN

• 2. EIN - What Does it Mean?



EIN = Employer Identification Number



Unique identifier of your Chapter to the IRS. (Like SS#)



Nothing to do with tax status.



How Do I know if My Local Association Already has an EIN? It does!

This is not the school district

• r SNA number.

• 2. EIN – Why does the Chapter need it?
• File your annual 990N e-postcard.
• For your Chapter’s bank account.
• To stay under the FSNA’s Federal Income Tax

Exemption Umbrella.

Part 3 – Federal Tax Exemption

3. Income Tax Umbrella

• 3. Federal Income Tax Exempt Umbrella

(FSNA Group Exemption)

• Federal tax exemption = do not pay corporate

federal income tax

• If not, your Chapter would be required to pay

taxes on all income received

Local Officers are potentially liable

• Is my Chapter under the FSNA Tax Umbrella?

YES

• The 990-N is much easier to file than the 990 –

no fees & no financial info needed!

Check the chart!

• 3. Federal Income Tax Exempt Umbrella

(FSNA Group Exemption)

• 3. Filing the 990-N
• Filing instructions and links are in your Quick

Tips Treasurer Timeline.

• The report asks for the contact information of

your current Chapter Officers:

• These can be the same person.
• No fees or financial information.

What are the Annual Filing Requirements?

• Income less than $50,000 required to e-file a 990N.
• Fiscal Year for FSNA & Chapters is August 1st – July 31st
• Your Chapter’s tax period ends on July 31st, so the e-

filing is due by December 15th at the latest.

• 990N (e-postcard) can be filed as early as August 1st.

Be safe! E-file in August!

• 3. 990-N Filing Timeline
• FY begins in August: Chapter 2018 Tax Year

began 8/1/2018 and will end 7/31/2019.

• The 2018 FY has not ended yet!
• IRS says: You can’t file 2018 until Aug 1, 2019
• Last day to file is December 15th

2018 Tax Year to be filed between Aug 1 – Dec 15 2019

Breaking it Down

• 1. Incorporate
• 2. EIN
• 3. FSNA Umbrella

Initial Form Articles of Incorporation SS-4 FSNA Submits Issuing Department FL Dept of State, Division

• f Corporations

US Dept of Treasury, IRS US Dept of Treasury, IRS Initial Cost About $70 $0 $0 Annual Reporting Non-Profit Annual Report None 990-N e-postcard Annual Reporting Cost About $65 $0 $0 Due date for Annual Filing May 1st N/A Dec 15th of the following year

(5 months after close of FY in July)

Penalty if not filed on time $400 Late fee, penalties, loss of Incorporation N/A No fees or penalties, but potential loss of federal income Tax Exemption Status for non- filing

Keep on File

• 1. Bylaws – it is mandatory for every local

association to have bylaws!

• 2. If your Chapter is incorporated
• a. Stamped Articles of Incorporation
• b. Annual Report filings with your

Chapter’s Document Number

• 3. 990N filings

Pass Along the Info

• Make sure all future Chapter Officers are

aware of:

• EIN
• Document Number
• Filing requirements
• Due dates
• Contact information
• Resources

THANK YOU FOR YOUR SERVICE!

Questions?

Toll Free Phone: (888) 878-1832 Email: jmilam@floridaschoolnutrition.org