District 26 Treasurer’s Report

1. District 26 Treasurer’s Report Spring Conference March 2009 D/Lt/C Bob Boal, SN

2. St Patty’s Day Alive & Well! What real boaters do when the weather is too crummy to be on the water…  North Strand Merry Mermaids Roger Lesnewski and Bruce Patterson take a moment before their stressful duty of waving to crazy fans at a St Patty’s Day parade in North Myrtle Beach Saturday, March 14… Photo courtesy of Doug Alexander

3. D26 FINANCES Budget Year 2009 • D26 revenue depends on the size of active membership • Except for ‘01 – ’02, D26 has grown until 2008 • 5.5% drop between Jan ‘08 and Jan ‘09 • Most D26 membership renewals occur during May-June • Market started downturn Jul ‘08 & Lehman Bros was Sept ’08 • 2008 was not a good year • Jan ‘09 – Feb ‘09 showed slight uptick for D26 3/21/09

4. IT’S TAX TIME! IRS 2008 Form 990-N (e-Postcard) IRS Form 990 IRS Form 990EZ • • Form 990-N – ONLY for squadrons with gross receipts normally less than $25,000. IRS guidance suggests that “normally less than $25,00” means your squadron averaged $25,000 or less in gross receipts for the immediately preceding 3 tax years. • • Gross receipts greater than $25,000? File either a Form990 or Form 990EZ. • • All forms are due the 15th day of the 5th month following the close of your tax year. • • Go to  http://www.irs.gov/instructions/i990-ez/index.html for general information about the IRS Forms 990 and 990EZ • • For e-Postcard filing requirements, go to http://www.irs.gov/charities/article/0,,id=169250,00.html • • Discussions suggest it might be good to hire a CPA if you need to complete Form 990 or Form 990EZ. That is up to the individual squadron to decide since there are fees associated with the choice. • • The Form 990-N is a reasonably painless process – requires less than 5 minutes to complete. • • National will send a Form TR-1 later in year. Certification you have filed. Complete and return soonest • • What if you don’t file? • - Forms 990 and 990EZ, penalties may be charged • Form 990-N, IRS will send a notice but no penalty. Failing to file Form 990-N for 3 consecutive years USPS could lose its tax-exempt status. TOTALLY UNACCEPTABLE…

5. Note Date is 3/1/08 to 2/28/09

6. USPS CoOp AdvertisingWhat is it? • Advertising Expense Fund • 50% reimbursement maximum • Allocation to District • $1 Per USPS Member • Allocation distributed by D/PRO

7. What Qualifies? • Advertising • Classes & Events • Promotional items • Public Relations • Parades • Community Service Key: Public seeing USPS

8. Overview • CoOp Advertising Fund is to assist Squadrons & Districts in funding promotion of USPS in the community • We have a process • use the NPR 102 form • Submissions are managed by the D/PRO • Final submissions are due October 15 to National Coordinator

9. D26Co-Op Advertising Distribution • All funds received from HQ – up to annual allocation – remain on deposit • Last distribution from National early November • Each participating squadron will receive $1 per active member on record as of March the previous year • Remaining balance, if any, distributed among participating squadrons based on each squadron’s contribution to the overall total • For example, if a participating squadron contributed 35% of total district effort, that squadron would receive 35% of the balance • Submit all claims through our District PRO, Joan Miller-McVey

10. D26 BOTTOM LINE? • District dues are largest portion of our revenue • As the district grows so grows our membership • Increased membership increases our overall revenue and • Our annual CoOp Advertising allocation • D26 continues to remain in good fiscal health