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policies:accounting [2016/10/13 18:36] Geoff Nicholson [Local Taxes] |
policies:accounting [2016/10/13 18:53] Geoff Nicholson [Reimbursement of Expenditures] |
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===== Bookkeeping ===== | ===== Bookkeeping ===== | ||
- | The treasurer is responsible for registering funds which come in, and for paying the bills the President and the Directors have accrued. | + | |
+ | The treasurer is responsible for registering funds which come in, and for paying the bills the President and the Directors have accrued. Being able to track down every single penny is nice, but not required. Experience with double-entry bookkeeping is very nice, but accounting licenses are not. | ||
+ | |||
+ | ==== Reimbursement of Expenditures ==== | ||
+ | |||
+ | In order to be reimbursed for expenditures undertaken on behalf of the space, payees will have to have their expenses approved by at minimum the President (if the transaction is below $100) or the Directors (if the transaction is above $100). To expedite approval, it is key that the expected expense is budgeted for, so we are aware that it is coming. For non-budgeted expenses, it is also suggested to get the approval of the Area Captain for the area where the purchase will be utilized, so that we can ensure that the purchase will go to good use. The President can override the lack of Area Captain assent, and the Directors can override the lack of Presidential assent. For minor expenses, it is suggested that a donation be considered instead, which may be tax-deductible for the donor. | ||
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+ | ==== Donations ==== | ||
+ | |||
+ | As a < | ||
===== Taxes ===== | ===== Taxes ===== | ||
+ | |||
==== Federal Taxes ==== | ==== Federal Taxes ==== | ||
- | Quelab, by being a < | + | |
+ | Quelab, by being a < | ||
==== State Taxes ==== | ==== State Taxes ==== | ||
+ | |||
If we have to pay Federal Taxes on our unrelated income, we will also have to pay state corporation taxes on that amount as well. | If we have to pay Federal Taxes on our unrelated income, we will also have to pay state corporation taxes on that amount as well. | ||
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Even if we don't breach the 33.333% of unrelated income, we may be obligated to pay Gross Receipts Taxes (GRT) based on our county of operation (Bernalillio), | Even if we don't breach the 33.333% of unrelated income, we may be obligated to pay Gross Receipts Taxes (GRT) based on our county of operation (Bernalillio), | ||
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===== Compliance ===== | ===== Compliance ===== | ||
- | ==== NM Attorney General | + | |
- | We must file with the Attorney General' | + | To operate a business in the City of Albuquerque, |
+ | |||
+ | ==== NM Attorney General ==== | ||
+ | |||
+ | We must file with the Attorney General' | ||
==== NM Secretary of State ==== | ==== NM Secretary of State ==== | ||
+ | |||
We must file with the Corporation Commission annually, to be classified as a " | We must file with the Corporation Commission annually, to be classified as a " | ||
==== NM Taxation & Revenue Department ==== | ==== NM Taxation & Revenue Department ==== | ||
- | We must apply for tax-exempt status for NM GRT with the TRD. We use our Tax ID with the state (from when we file our bi-annual tax form) and they issue us with a tax-exempt number which exempts us from sales taxes in the State of New Mexico. | + | |
+ | We must apply for tax-exempt status for NM GRT with the TRD. We use our Tax ID with the state (from when we file our bi-annual tax form) and they issue us with a tax-exempt number which exempts us from sales taxes in the State of New Mexico. However, this does require having the person with the tax number do our shopping… | ||
==== CABQ Business License ==== | ==== CABQ Business License ==== | ||
- | We must file with the City of Albuquerque annually, to be granted a city business license. | + | |
+ | We must file with the City of Albuquerque annually, to be granted a city business license. Having a business license is required for having an occupancy permit. | ||
==== AFD Fire Inspection ==== | ==== AFD Fire Inspection ==== | ||
- | We must file with the City Fire Marshal to receive a fire inspection with a listing of our allowable occupancy number. | + | |
+ | We must file with the City Fire Marshal to receive a fire inspection with a listing of our allowable occupancy number. Having a fire-inspection is required for having an occupancy permit. | ||
+ | |||
+ | ==== CABQ Planning Office ==== | ||
+ | |||
+ | We must employ a registered architect to submit a plan of the building which matches the layout of the building, as well as conforms to City Building codes (number of exits, length of hallways, number of bathrooms, etc). This is required to get a Fire Inspection permit. | ||
+ | |||
+ | ==== CABQ Occupancy Permit ==== | ||
+ | |||
+ | To be able to occupy a building as a business and have customers visit us, we must have an certificate of occupancy. | ||