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. Acceptable documentation includes the following:
Chapter Financial Statement (choose one of the following):
- Chapter P&L statement, inclusive of all the categories on the Vibration Institute Financial Statement. Must include chapter name, address and primary contact.
- Completion of the Vibration Institute Financial Statement .
A copy of the Chapter’s December 2013 bank statement.
Some important information pertaining to filing your annual Chapter tax return:
- The IRS requires each Chapter to file a Form 990-N. This form can be accessed and submitted online at http://epostcard.form990.org/. Penalties for not filing this form are severe, and can result in a loss of tax exempt status.
- If your Chapter has a gross income greater than $50,000 for 2013, you will need to also file a Form 990-EZ with the IRS. This form can be found online at http://www.irs.gov/uac/About-Form-990EZ.
- Per the IRS regulations, each 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 the appropriate 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.