Difference between revisions of "2014 Yearly Meeting"
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Attendees: Nathan, Jenett, Jay, Steve, Nick, Allyn, Heath, Austin, Daniel (through google hangout and IRC) | Attendees: Nathan, Jenett, Jay, Steve, Nick, Allyn, Heath, Austin, Daniel (through google hangout and IRC) | ||
| − | == Administrivia (Monies, Tax information, etc) == | + | == Administrivia (Monies, Tax information, Membership, etc) == |
=== Meeting notes === | === Meeting notes === | ||
| + | ===== Financial information ===== | ||
We reviewed the bank accounts and other financial information. Conclusion: We are doing pretty well, especially compared to previous years. We do have several members who owe back dues, but we are at a good spot as far as paying for bills and other things while having money come in. No bank issues for a long time. | We reviewed the bank accounts and other financial information. Conclusion: We are doing pretty well, especially compared to previous years. We do have several members who owe back dues, but we are at a good spot as far as paying for bills and other things while having money come in. No bank issues for a long time. | ||
| + | ===== Taxes and School Factory ===== | ||
We are officially a non-profit (and have been for about a year), so we do not pay taxes like we used to. We have 21 months to file taxes after declaring non-profit status, so we need to file this year to be safe. We are not yet a 501c3, but can apply as a 501c4 or 501c7. The most important distinction here is that if we were a 501c3 people would be able to claim their donations to us on their taxes. Right now for them to do that we have to go through School Factory, and when we do that they get 10% of that donation. We are currently working on becoming no longer affiliated with School Factory, but for the time being we have learned how to make the best use of them that we can. To get 501c3 status we have to prove we are a charity and that we do charitable things for the community. We definitely do that, we just need to work on the proving it part. As far as additional paper work goes, we are already filing about as much as we would have to if we weren't affiliated with School Factory, so we are not concerned. | We are officially a non-profit (and have been for about a year), so we do not pay taxes like we used to. We have 21 months to file taxes after declaring non-profit status, so we need to file this year to be safe. We are not yet a 501c3, but can apply as a 501c4 or 501c7. The most important distinction here is that if we were a 501c3 people would be able to claim their donations to us on their taxes. Right now for them to do that we have to go through School Factory, and when we do that they get 10% of that donation. We are currently working on becoming no longer affiliated with School Factory, but for the time being we have learned how to make the best use of them that we can. To get 501c3 status we have to prove we are a charity and that we do charitable things for the community. We definitely do that, we just need to work on the proving it part. As far as additional paper work goes, we are already filing about as much as we would have to if we weren't affiliated with School Factory, so we are not concerned. | ||
| − | ==== Action Items | + | <b>Concerns. </b>One concern raised during the meeting was for how we are allowed to use money through Bloominglabs, as far as being taxed and keeping our non-profit status is concerned. We are allowed to purchase things with Bloominglabs funds for Bloominglabs. We're a valid company. We just aren't allowed to take a profit out of it. We can even hire people and pay them a salary if we wanted to, we just can't take money out of Bloominglabs' bank account and claim it for people. |
| + | |||
| + | ===== Donations (of things and of money) ===== | ||
| + | If you hear of people who would like to donate equipment to the space, we can provide them with the paper donation form so that they can use it as a tax deduction if they wish. If they don't care about that, then we can just take their stuff directly. If they want the tax deduction, it must go through School Factory (until we are our own 501c3). | ||
| + | |||
| + | ===== Making Money ===== | ||
| + | We have been doing a pretty good job with replenishing the bank accounts through workshops. | ||
| + | |||
| + | === Action Items === | ||
* anyone who would like to help Jenett with the taxes side of thing, please speak up and contact her. | * anyone who would like to help Jenett with the taxes side of thing, please speak up and contact her. | ||
Revision as of 13:17, 12 January 2014
Agenda for the 2014 yearly meeting. January 11, 2014. 1:00PM to 4:14PM
Attendees: Nathan, Jenett, Jay, Steve, Nick, Allyn, Heath, Austin, Daniel (through google hangout and IRC)
Contents |
Administrivia (Monies, Tax information, Membership, etc)
Meeting notes
Financial information
We reviewed the bank accounts and other financial information. Conclusion: We are doing pretty well, especially compared to previous years. We do have several members who owe back dues, but we are at a good spot as far as paying for bills and other things while having money come in. No bank issues for a long time.
Taxes and School Factory
We are officially a non-profit (and have been for about a year), so we do not pay taxes like we used to. We have 21 months to file taxes after declaring non-profit status, so we need to file this year to be safe. We are not yet a 501c3, but can apply as a 501c4 or 501c7. The most important distinction here is that if we were a 501c3 people would be able to claim their donations to us on their taxes. Right now for them to do that we have to go through School Factory, and when we do that they get 10% of that donation. We are currently working on becoming no longer affiliated with School Factory, but for the time being we have learned how to make the best use of them that we can. To get 501c3 status we have to prove we are a charity and that we do charitable things for the community. We definitely do that, we just need to work on the proving it part. As far as additional paper work goes, we are already filing about as much as we would have to if we weren't affiliated with School Factory, so we are not concerned.
Concerns. One concern raised during the meeting was for how we are allowed to use money through Bloominglabs, as far as being taxed and keeping our non-profit status is concerned. We are allowed to purchase things with Bloominglabs funds for Bloominglabs. We're a valid company. We just aren't allowed to take a profit out of it. We can even hire people and pay them a salary if we wanted to, we just can't take money out of Bloominglabs' bank account and claim it for people.
Donations (of things and of money)
If you hear of people who would like to donate equipment to the space, we can provide them with the paper donation form so that they can use it as a tax deduction if they wish. If they don't care about that, then we can just take their stuff directly. If they want the tax deduction, it must go through School Factory (until we are our own 501c3).
Making Money
We have been doing a pretty good job with replenishing the bank accounts through workshops.
Action Items
- anyone who would like to help Jenett with the taxes side of thing, please speak up and contact her.
Review our achievements from the past year
- Laser cutter
- Makevention
- Membership grew over the summer (has since dropped a bit but still more than last year)
- We got more press on the Internet/radio/print media
Meeting Notes
Areas for Improvement
- Keeping the space clean
Meeting Notes
Any outstanding issues from the 2013 yearly meeting?
- Security system/video camera?
Meeting Notes
Issues to discuss
- Potential relocation of space
- Makevention 2014
- Non-profit status & relationship with School Factory
- Not an issue per se, but what things can we do for fundraising and/or apply for grants?
- Workshops for the coming year
- Machining class
- Using PGP encryption with email (signups from Makevention still)
- Officer elections
Meeting Notes
Ideas/plans/dreams/hopes
- Group projects (thermostat is going on but more of course would be great)
- Hack-a-thons (host or participate in them)
- Monthly or weekly topic-specific events (Thursday's 'Microcontroller Madness', groups like HAM or 3D printing groups)
- Participation at other events (Louisville Arcade Expo, DerbyCon, other area Maker Faires)
