OCT – Financial Info
Taxes Obligation Owed by Chapters
Thanks go to the AAPCCA regional board members who have contacted officers from chapters who owe taxes for 2013. If you have not been contacted by now, you probably do not owe any money. We also appreciate the many officers who have responded by submitting checks for the taxes or otherwise communicated arrangements to hold money from future reimbursements. If your chapter owes money, the treasurer should take responsibility to ensure the tax obligation is met. Again, you may opt to:
- Have the taxes withheld from the 3rd quarter reimbursement which will be deposited into the checking account around the end of November.
- Have the taxes withheld from the 4th quarter reimbursement which will be deposited into the checking account around the middle of February. Note: This is also when the annual Chapter Association assessment is withheld.
- Write a check for the amount owed. Send the check to the AAPC Chapter Association attention: Local Chapters, 2480 South 3850 West, Suite B, Salt Lake City, UT 84120.
We continue to suggest that you examine your chapter finances now, compared to the amount of money you had in the account at the beginning of 2014. If there is more in the account now than at the first of the year, purchase door prizes, create incentives for members to serve as officers, purchase meeting tools such as a laptop, projector, or camera, or donate to the AAPCCA Hardship Scholarship Fund. Above all, remember that money hoarded in a bank account does nothing to help chapter members and may result in taxes being owed by the chapter!
3rd Quarter Reimbursements
Online deposits into chapter checking accounts will be made around the end of November.
Plan Now for End-of-the-Year Deadlines
Treasurers, before the end of the year, while you still have officer privileges, be sure all chapter financial matters are handled. There are three things to keep in mind:
- The deadline to upload 4th quarter meeting attendance sheets is December 31, 2014. (This is two weeks earlier than usual but because of the change in officers on January 1st, the deadline is moved up.) Remember, attendance sheets must be uploaded on AAPC’s website in order to receive the reimbursement.
- The deadline for the 2014 profit and loss information to be uploaded is also December 31st. However, treasurers needn’t wait until then to complete it if all 2014 expenses and income have been accounted for.
- The 2015 treasurer will be asked to submit a copy of the year-end bank account statement by January 31st. Now is a good time for both treasurers to coordinate the transfer of records.