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AB 60 - Now That It Is Law & Effective January 1, 2014, Now What?

AB 60 - Now That It Is Law & Effective January 1, 2014, Now What?. Insert Your Name, Title Organization. Agenda. How many have read the AB 60 law? Why AB 60? What is AB 60? Quick Summary of AB 60 by Section Major Changes That Impact Us Financial Reporting with Annual List Filing

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AB 60 - Now That It Is Law & Effective January 1, 2014, Now What?

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  1. AB 60 - Now That It Is Law & Effective January 1, 2014, Now What? Insert Your Name, Title Organization

  2. Agenda • How many have read the AB 60 law? • Why AB 60? • What is AB 60? • Quick Summary of AB 60 by Section • Major Changes That Impact Us • Financial Reporting with Annual List Filing • Charitable Donation Solicitation Disclosures: Oral/Verbal & Written • Sample Timeline to Educate Board/Staff/Volunteers Regarding AB 60 Solicitation & Compliance • AB 60 Solicitor Checklist • Are We Compliant? • Resources • Questions and Answers (Q&A)

  3. Why AB 60? Speaker: Nichole Lamboley, Chief Deputy Nevada Secretary of State (Recorded July 10, 2013)

  4. What Is AB 60?

  5. Let’s Look At The Law • Section 3 (pages 2-4) • New nonprofit corporations must indicate intention to solicit tax-deductible charitable contributions when filing articles of incorporation. • As a nonprofit corporation in Nevada, we must file a financial report with annual list of officers: • 990-N (e-Postcard) ≤ $50,000 (Good faith estimate) • 990-EZ < $200,000 revenue + < $500,000 assets • 990 ≥ $200,000 revenue • Terms defined like “Form 990” and “Solicit charitable contributions”

  6. Let’s Look At The Law • Section 4 (page 4) • Authorizes Secretary of State to post on website with business searches: NVSilverFlume.gov or NVSOS.gov • Section 5 (pages 4-5) • Explains process for written notices to violators • Imposes a civil penalty of not more than $1,000 • Explains “cease and desist” orders • Sections 6.5-12 (pages 5-9) • Authorizes Secretary of State’s office and Attorney General’s office to .. • Section 13 (page 9) • AB 60 becomes effective January 1, 2014.

  7. Nonprofit Articles of Incorporation Form - Draft

  8. Charitable Solicitation Registration Statement Form - Draft

  9. Nonprofit Annual List of Officers & Directors - Draft

  10. RegulationsWorking Draft Financial Report defined. • For the purposes of providing financial information pursuant to NRS Chapter 82…, the following information as reported to the Internal Revenue Service on the corporations most recent Form 990 or 990EZ must be provided on the form prescribed by the Secretary of State: • Total Revenue (line 12 990; line 9 990EZ) • Total Expenses (line 18 990; line 17 990EZ) • Revenue Less Expenses (line 19 990; line n/a 990EZ) • Total Assets (line 20 990; line 25 990EZ) • Total Liabilities (line 21 990; line 26 990EZ) • Net Assets or Fund Balances (line 22 990; line 27 990EZ) Financial Report using good faith estimates defined. • If a corporation is not required to file a Form 990 or 990EZ, but filed a 990N or was formed in the past year and does not have any financial information available, it shall select the box indicating it is providing a good faith estimate based on the records of the corporation.

  11. RegulationsWorking Draft Wording of Disclosure (AB 60 Sec. 12) The disclosure statement on written or electronic materials must include the full legal name of the charitable organization or nonprofit corporation as registered with the Secretary of State and whether the contribution may be eligible for a tax deduction or not. Provided below are some guidelines or sample language that can be used: • Corporation or Charitable Organization Name • Your contribution may be tax-deductible under federal law. • Your contribution may qualify as a federally recognized tax deduction. • Corporation Name • All contributions or donations to this organization are not tax deductible under state or federal law.

  12. Sample Timeline

  13. AB 60 Solicitor Checklist What forms of oral/verbal disclosures does our business have? How will we verify that everyone is compliant?

  14. AB 60 Solicitor Checklist What forms of written disclosures does our business have? How will we verify that all written disclosures are complaint?

  15. Are We Compliant?What’s Missing?

  16. Are We Compliant?What’s Missing? AB 60 Solicitor Checklist

  17. Resources • AllianceForNevadaNonprofits.com/AB60 • Final AB 60 Text As Enrolled • Regulations • Working Draft • Final Adoption of Regulations (when available) • ANN Education Opportunities (Webinars, Conferences, Training Archive, etc.) • 102-Minute Digital Video - Recorded July 10 Webinar with Secretary of State's Nicole Lamboley & ANN's Phil Johncock (.wmv format - uses Windows Media Player) • PowerPoint Slides for July 10 Webinar • AB 60 Special Report III (transcription of July 10 webinar in a searchable .pdf: 11,725 words, 31 pages) • AB 60 Special Report II (to be issued after Final Adoption of Regulations) • AB 60 Special Report I (to be issued in 2014) • Sample Timeline to Educate Board/Staff/Volunteers Regarding AB 60 Solicitation & Compliance • AB 60 Solicitor Checklist (peer review)

  18. Q&A

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