Minutes:501com Minutes 2010-11-18

Date: Thursday, 2010-11-18

Time: 7:30pm

Location: 1481 Wordsworth St., Ferndale, MI 48220

Attendees: Ross Smith, Cherish Lallone, Ed Platt

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