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JimB517
Past Commodore

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USA
3285 Posts
Initially Posted - 12/24/2008 :  15:29:13  Show Profile  Visit JimB517's Homepage
Do we have any lawyers as members who would be willing to help?

We have nearly 1000 members, we have tens of thousands of dollars in the bank. We have annual profit/loss statements. We are contemplating puting some funds into investment accounts. We are not now and never have been incorporated as anything. If someone could help give us advice and maybe set us up as a Not-for-Profit corporation, it would be a big help.

Indiscipline 1978 FK SR #398
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dmpilc
Master Marine Consultant

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USA
4593 Posts
Response Posted - 01/05/2009 :  10:24:20  Show Profile
Does the club do any kind of annual filing with the govt. now?
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JimB517
Past Commodore

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USA
3285 Posts
Response Posted - 01/05/2009 :  11:27:19  Show Profile  Visit JimB517's Homepage
no, that is the problem.
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Sea Trac
Master Marine Consultant

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Vanuatu
1357 Posts
Response Posted - 01/12/2009 :  12:04:00  Show Profile
The association is currently established as a non-profit and is exempt from filing with the federal government, with the exception of verifying every five years that receipts remain below $25,000.
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JimB517
Past Commodore

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USA
3285 Posts
Response Posted - 01/12/2009 :  15:39:46  Show Profile  Visit JimB517's Homepage
Thanks very much JB.
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dmpilc
Master Marine Consultant

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USA
4593 Posts
Response Posted - 01/13/2009 :  17:04:51  Show Profile
Excellent, thanks Mr. Treasurer. You just answered my follow-up question.
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Notice: The advice given on this site is based upon individual or quoted experience, yours may differ.
The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.