VI Chapter Financials
Chapter Financial Responsibility:
A financial statement along with the chapter’s year-end bank statement from December must be submitted to the Institute no later than April 15 of the following year. Acceptable documentation includes a Chapter Financial Statement with the following:
1. A copy of the Chapter December bank statement
One of the following statements:
1. Chapter P&L statement inclusive of all the categories on the VI Financial Statement. It must include chapter name, address and primary contact.
2. Completion of the Vibration Institute Financial Statement.
Some important information pertaining to filing your annual Chapter tax return:
• The IRS now requires each chapter to file Form 990N on the Internet. To file your form please go to www.epostcard.form.990.org and follow the instructions. There are steep penalties, up to and including, removal of tax exempt status, for not filing annually.
• If your chapter has a gross income greater than $25,000 for 2010, you will need to file Form 990-EZ with the IRS which can be found at www.irs.gov and click on Forms & Instructions.
• According to IRS Regulations, a chapter is permitted one trade show or advertising promotion per year. If you have exceeded this limit your chapter will have to file an unrelated business income tax form and pay taxes on the net income.
The Chapter rebate(s) for memberships will be processed and sent after July 1. Your financial statement and December bank statement must be on file at the Institute before a rebate will be sent. All member dues must be paid by April 1 if certified members are to be listed in the June issue of Vibrations.