How to Tell if Your Chapter has Made a Profit in 2019
We shared this last month, but this is very important, so we’re sharing it again. Follow this simple exercise to see if you may owe a tax for earnings in 2019:
- First, refer to your chapter’s January 2019 Profit and Loss Statement as found on AAPC’s website.
- Take note of the Beginning Balance.
- Now refer to your chapter’s November 2019 Profit and Loss Statement
- Take note of the Total Ending Balance.
- If the November 2019 ending balance is greater than the January 2019 beginning balance, you have made a profit so far this year.
- If the November 2019 ending balance is less than the January 2019 beginning balance, you have not made a profit so far this year.
Remember, that the final determination will be the amount of money in the bank account at the end of December, so we suggest you go through this exercise after meetings and activities have taken place in December. Then share this information with the 2020 officers when you have your pass-off meeting.