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Colorado Fine Arts Association CFAA

Colorado Fine Arts Association CFAA. Organization & Bylaws Feb 23,2010. Topics Discussed. Non Profit Purposes Directors Office Bearers Vital Statistics Financial Management & Insurance 501 c 3 Details. Non Profit Purposes. Stated Purpose:

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Colorado Fine Arts Association CFAA

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  1. Colorado Fine Arts AssociationCFAA Organization & Bylaws Feb 23,2010

  2. Topics Discussed • Non Profit Purposes • Directors • Office Bearers • Vital Statistics • Financial Management & Insurance • 501 c 3 Details

  3. Non Profit Purposes • Stated Purpose: • To popularize specific genres of music and arts originated in India and to support the artists that create these art forms

  4. Directors • What is a Director ? • Qualifications needed for a Director • Duties of a Director • Compensation • Term of Office

  5. What is a Director ? • Directors are people who will take care of the organization in good faith who has to regularly attend meetings • Judgment should made independently • The opportunity of CFAA will not be taken advantage of for personal gains • No Personal Liability for the debts and other obligations

  6. Qualifications for a Director • Formal Training and qualifications in the business administration for Non Profits • Graduate degree/diploma: MBA, MS etc • Proven experience in working for non profits • http://www.sog.unc.edu/programs/dssboards/documents/026HiringaNonprofitDirector.pdf

  7. Duties of Directors • Establish Mission and Vision of the Organization • Identify resources to accomplish the mission • Determine the charitable goals by consensus • Supervise employees, officers, agents (vendors) • Provide Address and Phone Numbers to the Secretary of the organization • http://www.sog.unc.edu/programs/dssboards/documents/026HiringaNonprofitDirector.pdf

  8. Compensation • There will not be any compensation for the directors • Reimbursements and advanced expense allowances are approved • Conflict of Interest Policy Exists • No Gifts emanating from this role • Obligation to disclose any financial gains • http://www.sog.unc.edu/programs/dssboards/documents/026HiringaNonprofitDirector.pdf

  9. Terms of Office • Directors are appointed for a period of 2 years • During the 2 years, a director can be removed from office for non-performance • They can resign • New Directors are always elected by the rest of the directors with the Chairman of the board having the veto power

  10. Office Bearers • Who are the office bearers ? • Responsibilities of the Office Bearers • Terms of Office • Compensation

  11. Who are the Office Bearers • We need to typically have • A President, who will be the chairman of the board • A Vice President, who has all the responsibilities of the President when the President is away • A Secretary • A Treasurer • Further roles are Assistant Secretaries and Treasurers are allowed but not essential • No specific qualification is required other than ability to execute on the duties stipulated by the board

  12. President - Responsibilities • CEO of the corporation • Supervise and control affairs of CFAA • Chairman of the board • Execute on checks, bonds, and financial instruments on behalf of CFAA

  13. Secretary - Responsibilities • Responsible for keeping the bylaws in tact • Responsible for calling meetings and minutes of the meetings • Custodian of all records bearing CFAA • Maintain membership records

  14. Treasurer - Responsibilities • Responsible for all funds and securities in banks and other places • Receive money, and make payments on behalf of the organization as approved by the President • Keep track of income and expenses • Prepare Financial Statements • File Taxes with the State of Colorado & IRS

  15. Officers - Compensation • Officers can be compensated, but as per the policy of the CFAA, we have decided not to provide any financial compensation to the officers • They are entitled to reimbursements for the expenses made in the name of the organization • Conflict of Interest Policy is the same as the directors.

  16. Vital Statistics

  17. Financial Management • Financial Management of CFAA will be done in a transparent manner • A quarterly Income Statement will be published by the Treasurer of the organization upon approval by the board • For now we will be publishing the statement in Excel • The President is authorized to use the services of a certified tax professional to file the annual taxes if required

  18. Insuring against lawsuits • We will be insuring the Directors and Officers against any potential lawsuits • A minimum insurance of $500,000 will be what we will be insuring for • In an unlikely event of any patron/member lawsuits or lawsuits emanating from canceled events, we will be able to cover us with this

  19. 501 (C)(3) Details • CFAA has the tax exempt status • Anybody providing money to CFAA will be eligible for Charitable donations after deducting the Fair Market Value (FMV) of the goods and services they receive from CFAA • While we would not provide tax advice, we will be providing receipts for every penny that we receive from any member for event tickets, membership dues as well as patron dues

  20. Other 501 ( c ) ( 3 ) Details • Any organization can support the charitable work of CFAA by providing funds that allow us further the cause indicated in the purpose slide of this presentation • Acceptance of funds from sources will be approved by the board. Any member of the board can bring this up with the board • We will make all documents available for public inspection as required by the law • For now we will file 990-N Forms with the IRS for the tax purposes

  21. 501 (C)(3) Details - Example • FMV of the tickets (Goods & Services) we have are $13.30 for the TMK concert as the contract I have with the sponsors says that in order for us to have TMK here in Denver we pay them $4000. • Since there are 300 seats, we have 300 * 13.30 = $4000.00. The cost of hall and rest of the things are incidentals covered by underwriting alone. • Anybody contributing to CFAA can deduct • X- ( (FMVz x Y ) * Z) • X = Total donation; FMVz = FMV of the event; Y = Number of Tickets; Z= Number of events • For a $500 Patron with 4 family members attending 2 events in 2011 both at a FMV of $13.30  • Deductible:  $500 - (($13.30 x 4) * 2) = $395 • For somebody who's buying 4 $20 Tickets per event for each of the 2 events in 2011 • Deductible: ($20*4*2) - ($13.30*4*2) = $54 • CFAA intends to send our patrons the FMV of the ticket prices at the end of the year 

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