MN Digital Sales Tax and Affordable Health Care Act

MSAE's Financial & Accounting Networking Group met last November to discuss the MN Digital Sales Tax and Affordable Health Care Act.  Here are the top takeaways from the meeting:

• Health care is a moving target, no firm plans to change.
• It was not legislative intent to tax on demand education, dealing with how to handle it now.
• Can't have tax that is discriminatory (some taxed) - in-state vs. out-state.
• To change the MN Digital Sales Tax, we need a coordinated effort - stay tuned for updates and contact your congressperson.

These issues are sure to come up again, we'll keep you posted as we learn more.  

New Trends in Trade Shows/Exhibits/Expo and Sponsorships/UBIT

At our recent Meeting Management Education Council meeting, the group had a lively discussion on sponsorships & UBIT (Unrelated Business Income Tax) and new trends for trade shows. Here are some of the takeaways:

Sponsorship

• First and Foremost - always consult your legal and tax personnel for more details and advice. The information provided below was taken from our meeting and is not meant to be used as tax or legal advice.
  
• Some of the big changes with UBIT relate to ads - the words marketing, advertising, ads, advertisements make the sponsorship dollars taxable, need to acknowledge sponsors instead of advertise for them - use words like sponsorship recognition, alternated recognition (instead of rotating ad), etc. in your sponsorship programs
• Sponsorship Q&A Article from Moore, Costello & Hart
• Create more opportunities for sponsors - conference and association apps are popular right now, some of our members have paid $6,000 and up to have a professional app created, free app builders are available too, like ibuildapp.com and guidebook.com.
  

New Trade Show Trends

• Open format with exhibitors around the perimeter; food, big sponsors and sessions in the middle
  
• Provide a session for exhibitors to train them how to make most of experience (benefit if register early, at event or prior add-on)
• Beer & Wine Tour to check out all areas of the trade show floor (have drawings, tastings, etc.)
  

Form 990 & Internal Control

MSAE's Financial & Accounting Networking Group met today to discuss Form 990 and learn from each other's experiences. Below are the top takeaways from the meeting:

1. Changes to Form 990 for 2011
   
2. Visit GuideStar online to view Form 990's - it's all online and easily accessible.
   
3. If board member recommends friend/family member for service, probably in best interest to avoid due to conflict of interest policy.
4. "It's okay to be on the leading edge, not the bleeding edge"

The group will meet again on May 10 at The Harrington Company to discuss budgeting and UBIT, visit MSAE's Calendar of Events to register.

Privacy

Is privacy becoming a thing of the past?  Maybe, maybe not.  The Federal Trade Commission has just taken steps to force Google to protect the privacy of its users. Plus, the company has agreed to submit to independent audits for the next 20 years - to ensure they are following the rules. This ruling will limit the data mining of social media companies. Personally, I agree and hope that there are ongoing efforts to protect my information and my privacy.

Meeting Policies

Top Takeaways from the Feb. 24 Meeting Management Networking Group meeting:

• Charging Non-Members More for Events, Can't Exceed the Cost of Membership - “Non-members may be charged more than members are charged for services to take into account that nonmembers pay no dues. Nonmember charges should be reasonably related to the extent to which dues income or other resources support or subsidize the services being sought (it has never been made clear whether a nonprofit can include in its calculation the value of volunteer time and expertise in calculating fair supplemental charge for nonmember access to competitively valuable membership services.) Nonmember charges for services should not be set so high as to deliberately compel joining the organization. This, it could be argued, might violate the principle of availability of competitively valuable membership services to nonmembers.” - Jacobs, Jerald. Association Law Handbook: A Practical Guide for Associations, Societies, and Charities, 4th Edition. Washington, DC: ASAE, 2007.
• If you don't already, have a weather policy
• Check all locations for policies and make sure they are consistent

To see member cancellation/registration and weather policies, click here (you'll need to sign in on MSAE's website to view the policies).

Health Care Reform

Takeaways from the Financial Networking Group Meeting - 2/3/11

1. Be vigilant and stay informed
   
2. Find good resources, RJF Agencies offers free health care compliance updates
   
3. Right now, there are a lot of questions - there is much more to come!

Resources:

• Small Business Health Care Tax Credit for Employers with fewer than 25 employees
• Form 8941: Credit for Small Employer Health Insurance Premiums
  
• IRS Webinar on Small Business Health Care Tax Credit on 2/16/11
  

Cash Management & Reserves

Top Three Takeaways from the Financial Networking Group Meeting - 10.3.10

• Have a formal investment policy - Sample Investment Policy, Sample Investment Policy #2
  
• Check on bank and credit card fees - where can you save?
  
• Technology - use electronic storage, desktop imaging and other technologies to save you time - Nonprofit Operating Reserves Wiki

Freedom

We celebrate our freedoms this upcoming 4th of July weekend. "It is not our affluence, or our plumbing, or our clogged freeways that grip the imagination of others. Rather, it is the values upon which our system is built. These values imply our adherence not only to liberty and individual freedom, but also to international peace, law and order, and constructive social purpose. When we depart from these values, we do so at our peril."
J. William Fulbright

Credit cards -Legal essentials

If you take credit cards - it's important you read this article. All merchants MUST comply with the Payment Card Industry Data Security Standard. (PCI) Find out about the critical steps that you should be taking to protect your organization and your members.
http://bit.ly/afrERq