Sign in to follow this  
2 Corvettes

Reporting to IRS

Recommended Posts

Can anyone tell me if an AACA Club should have a Not For Profit status with the IRS and report on a yearly bases. The AACA in Hershey, PA is a Not For Profit and has a 501©3 status with the IRS. I would think if they have this status all region clubs must be the same. I went to the IRS web site and if a club is 501©3 it must fill out from 1023 with the IRS. I also see if a club gives out scholarships (our club does) they must fill out Schedule H on form 1023.

Share this post


Link to post
Share on other sites

Don, yes national is a 501 © (3), however, unlike some other national organizations our regions are autonomous and do not report their financials to the club. As such, each region or chapter must file their own financials. We have clubs who operate under all sorts of different scenarios. Our advice is always the same, seek professional help in your state to ensure you meet state and federal requirements. Usually in the club there is an accountant or someone who can get the surfaces of their account for free. It is even worth paying for an hour's time of a CPA to get it right.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this