1. What is the year-end for an alumnae association?
June 30. When the Finance Department at Kappa Kappa Gamma Headquarters files for your taxpayer identification number (see number 8 below), it is indicated that your year-end is June 30 so as to align with the Fraternity’s fiscal year-end.
2. If an alumnae association sells to non-Kappas, is it best to keep those funds in a separate account?
No. Money earned from non-Kappas does not have to be put in a separate account. However, for tax purposes, you should keep records of member and nonmember income.
3. If the alumnae association only writes a few checks per year, can the President and Treasurer sign them rather than an accountant or auditor?
The President and/or the Treasurer should …show more content…
How much income should an alumnae association have before an outside auditor is needed to audit the books annually?
When an association has annual income in excess of $25,000, the association should consider having an annual review. When an association has annual income in excess of $50,000, the association should also have an accountant prepare the tax return. For most alumnae associations, a review by an accountant is adequate and much less expensive than an audit.
8. Do all U.S. alumnae associations need to have a taxpayer identification number?
All U.S. alumnae associations MUST have a taxpayer identification number. If you are not sure whether your association has an identification number, please contact the Finance Department at Fraternity Headquarters at finance_specialist@kkg.org. The Finance Specialist will file the necessary form to obtain an identification number on your behalf should it be found the association does not have one.
9. How do we obtain tax-exempt status?
Alumnae associations and chapters fall under the Fraternity’s umbrella and will receive a 501(c)(7) exempt status upon notification to the IRS. Please contact the Finance Department at Fraternity Headquarters with any questions or concerns regarding this
June 30. When the Finance Department at Kappa Kappa Gamma Headquarters files for your taxpayer identification number (see number 8 below), it is indicated that your year-end is June 30 so as to align with the Fraternity’s fiscal year-end.
2. If an alumnae association sells to non-Kappas, is it best to keep those funds in a separate account?
No. Money earned from non-Kappas does not have to be put in a separate account. However, for tax purposes, you should keep records of member and nonmember income.
3. If the alumnae association only writes a few checks per year, can the President and Treasurer sign them rather than an accountant or auditor?
The President and/or the Treasurer should …show more content…
How much income should an alumnae association have before an outside auditor is needed to audit the books annually?
When an association has annual income in excess of $25,000, the association should consider having an annual review. When an association has annual income in excess of $50,000, the association should also have an accountant prepare the tax return. For most alumnae associations, a review by an accountant is adequate and much less expensive than an audit.
8. Do all U.S. alumnae associations need to have a taxpayer identification number?
All U.S. alumnae associations MUST have a taxpayer identification number. If you are not sure whether your association has an identification number, please contact the Finance Department at Fraternity Headquarters at finance_specialist@kkg.org. The Finance Specialist will file the necessary form to obtain an identification number on your behalf should it be found the association does not have one.
9. How do we obtain tax-exempt status?
Alumnae associations and chapters fall under the Fraternity’s umbrella and will receive a 501(c)(7) exempt status upon notification to the IRS. Please contact the Finance Department at Fraternity Headquarters with any questions or concerns regarding this