Club Treasurer Training

District 12-N 2020 Club Treasurer Training

 

Responsibilities

  1. Receive all monies and deposit the bank(s) recommended by the Finance Committee and approved by the Board of Directors.
  2. Arrange for issuance, in cooperation with the Secretary, quarterly or semi-annual statements to each member for dues and other financial obligations owed to the Club, and report payments to the Board of Directors.
  3. Pay out monies in payment of Club obligations only on authority given by the Board of Directors.
  4. Have custody and keep and maintain general records of club receipts and disbursements.
  5. Prepare and submit monthly and semi-annual financial reports to the Board of Directors.
  6. Give bond for the faithful discharge of the office in such sum and with such surety as determined by the Board of Directors.
  7. Deliver, in a timely manner, at the conclusion of your term in office, the financial accounts, funds and records of the Club to your successor.
  8. Serve as chair of the Finance Committee

Tax-Exempt Status

  • All clubs chartered under Lions Clubs International in the United States are exempt from federal income taxes under the IRS Code section 501(c)4.
  • Lions Clubs are not considered charities and donations to Lions Clubs or projects are not deductible as charitable contributions, unless your Club has filed to be a 501(c)3, which has additional reporting requirements.
  • An informational return is to be filed with the IRS annually by November 15 (Form 990, version dependent on Club’s annual gross revenue). The IRS is required to revoke the tax-exempt status of any organization that fails to meet their filing requirement for three consecutive years.
  • Clubs that own any property must file the Form 990-EZ or 990
Club’s Annual Gross Revenue IRS Form Required Filing Method
Less than $50,000 Form 990-N (e-Postcard) Electronic only
$50,000 to $200,000 Form 990-EZ Electronic or Paper
More than $200,000 Form 990 Electronic or Paper

 

 

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