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Accounting 101

Accounting 101. Patrick Scholl 2011 Alumni Leadership Connections June 11, 2011. Course Objective Provide answers to the list of most frequently-asked financial questions and Test to see if you are Smarter than a 5 th Grader. List of Questions.

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Accounting 101

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  1. Accounting 101 Patrick Scholl 2011 Alumni Leadership Connections June 11, 2011

  2. Course ObjectiveProvide answers to the list of most frequently-asked financial questionsandTest to see if you are Smarter than a 5th Grader

  3. List of Questions 1. What is an EIN and how do I obtain one? 2. How does my organization become recognized as a non-profit? 3. What are the benefits of 501(c)(3)? 4. What are the requirements of 501(c)(3)? 5. Is my organization exempt from paying sales tax?

  4. List of Questions 6. Can my organization conduct games of chance to raise money? 7. How do I obtain a certificate of insurance for an upcoming event? 8. What insurance coverage is provided?

  5. 1. What is an EIN and how do I obtain one? • Employee Identification Number • Nine-digit number assigned to entities for tax filing and reporting purposes • Necessary to open an account at a bank • Obtained by filing Form SS-4 with IRS • Download form at www.irs.gov/businesses. Click on Employer ID Numbers

  6. 2. How does my organization become recognized as a non-profit? • Must have exempt purpose • Apply for exemption under 501(c)(3) of the Internal Revenue Code • Chapter and AIGs can sent written request to be included under the group exemption of the Penn State Alumni Association.

  7. Send written request including EINName and Address of Principal Officer to: Patrick SchollDirector of Business and FinancePenn State Alumni AssociationHintz Family Alumni Center University Park, PA 16802 pscholl@psu.edu 814-863-2809

  8. 3. What are the benefits of 501(c)(3)? • Most revenue not subject to Federal Income Tax • Revenue not subject to State Income Tax • Able to offer tax deduction to donors • May be eligible for special postage rates

  9. 4. What are the requirements of 501(c)(3)? • Must engage primarily in activities that accomplish exempt purpose • No earnings may inure to a private individual • Certain revenue is taxable – first $1,000 is exempt • Fiscal year must end on June 30 • Requirements for donations • Filing requirements for tax forms

  10. 4a. Requirement for Charitable Contributions • Written disclosure required for donation of $250 or more • Name • Date • If cash - Amount of contribution. If non-cash - description of contribution. • Description and estimated value of any goods or services organization provided to donor must be included.

  11. 4b. Filing requirements for 501(c)(3)? • If Total Revenue is $50,000 or less – File Form 990-N • If Total Revenue is greater than $50,000 but less than $200,000; and Total Assets are less than $500,000 – File Form 990-EZ • Otherwise – File Form 990 • Due by November 15 following close of fiscal year

  12. 5. Is my organization exempt from paying sales tax? • Organizations based in Pennsylvania are NOT exempt from paying Pennsylvania sales tax • Some states do provide exemptions – check with your state’s department of revenue

  13. 6. Can my organization conduct games of chance to raise money? • Each state’s requirement differ – check with your own state’s department of revenue • Pennsylvania permits charitable organizations to conduct certain Small Games of Chance of games such as Daily Drawings; Weekly Drawings; and Raffles

  14. 6. Can my organization conduct games of chance to raise money?(continued) • In Pennsylvania - Contact your County Treasurer for a license to conduct small games of chance • Persons under 18 years of age are not permitted to operate or play any games of chance • Individuals may not receive compensation for conducting any games of chance • Other restrictions – amount of prizes and total prizes awarded in a year

  15. 7. How do I obtain a certificate of insurance for an upcoming event? Send request to your Regional Director or Cris Boob Office of Risk Management cnb1@psu.edu 814-865-4029

  16. 8. What insurance coverage is provided? • $1 Million General Liability • $1 Million Auto • $1 Million excess for each occurrence • $5 Million aggregate • Not Directors and Officers ¥ ¥

  17. Are You Smarter than a 5th Grader? International Currency Symbols ¥

  18. Are You Smarter than a 5th Grader? What Currency symbol is $ ¥

  19. Are You Smarter than a 5th Grader? What Currency symbol is $ American Dollar ¥

  20. Are You Smarter than a 5th Grader? What Currency symbol is €

  21. Are You Smarter than a 5th Grader? What Currency symbol is € Euro

  22. Are You Smarter than a 5th Grader? What Currency symbol is ¥

  23. Are You Smarter than a 5th Grader? What Currency symbol is ¥ Japan - Yen

  24. Are You Smarter than a 5th Grader? What Currency symbol is CHF

  25. Are You Smarter than a 5th Grader? What Currency symbol is CHF Switzerland - Franc

  26. Questions? Patrick SchollDirector of Business and FinancePenn State Alumni AssociationHintz Family Alumni Center University Park, PA 16802 pscholl@psu.edu 814-863-2809

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