501com Minutes 2010-11-18

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Date: Thursday, 2010-11-18

Time: 7:30pm

Location: 1481 Wordsworth St., Ferndale, MI 48220

Attendees: Ross Smith, Cherish Lallone, Ed Platt

Contents

Form 990 Report (Cherish)

  • Organizations with less than $25k gross income in 2010 ($50k starting 2011) file a very simple form 990n every year.
  • Organizations with less than $1m gross income file a relatively simple 990ez.
  • Can be filed online
  • Form focuses on distinction between contributions and revenue
  • Form focuses on consistent accounting practices (cash/accrual)

Noisebridge Form 1023 Report (Ross)

  • Contains brief and formal description of the nature of the space
  • Description of how workshops/classes/membership work
  • Lots of details on fundraising
  • Lists some programs like artist in residence
  • Makes a strong point that officers are volunteers
  • Makes a strong point of officer qualifications
  • Many lines refer to attachments
  • Includes published materials (newspapers, etc.)
  • Includes flyers and class descriptions
  • Includes mailing list conversations
  • Noted that they have compensation, audit, and investment committees

Milestones

  • Find CPA - ASAP
  • Draft Bylaws - 11/29/2010
  • Present final draft of bylaws 1/18/2011
  • Narrative Description 2/14/2011
    • Scholarship program
    • Grant programs
    • Community outreach (FIRST, etc.)
    • Assemble press materials
    • Assemble list of classes and descriptions
    • Find mailing list conversation
    • Assemble membership packet
    • Log open hours via twitterbot

Next Steps

  • Does Michigan accept IRS 990 if we use cash basis? -Cherish
  • Determine if we would have to file any 990 schedules -Cherish
  • Start on Narrative description -Ross
  • Find CPA -Ed
  • Draft bylaws -Ed
  • Review 1023 Book -Ryan