Williamston Sunrise Rotary Financial Overview
"Explore the financial structure and grant programs of the Williamston Sunrise Rotary, an unincorporated association tax-exempt under IRS Code section 501(c)(4). Learn about their budgeting, bank accounts, fundraising activities, grant allocations, and more. See how their major fundraising events like the Duck Race and Poker contribute to funding grants for various community initiatives."
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Presentation Transcript
Williamston Sunrise Rotary Financial Information
Organizational Structure Unincorporated association Tax exempt under IRS Code section 501(c)(4) NOT a charity gifts to us not tax deductible Governed by a Board of Directors, with a President, Secretary and Treasurer, among others
Financial Structure June 30 Fiscal Year Budgets (including Grants Budget) set annually by Board Monthly Financial Reports to Board Annual tax reporting to IRS Simple postcard type email form Due each year by November 15 Blanket liability insurance provided by District
Financial Structure Two bank accounts Main operating account at Independent Bank Two subdivisions Dues Account receives our dues payments and pays club operating costs Annual income and expense about $14,000 Community Service Account receives our fundraising income (except poker funds), pays fundraising costs and pays out grants
Financial Structure Second bank account at Edward Jones Accounts for Poker income and expenses and makes grants Separate accounting required by State of Michigan
Financial Structure Since Duck Race (and sometimes Poker) occurs at end of fiscal year, we typically fund grants from this year s revenues in the following year Year end cash balances last June 30: Dues Account Community Svc Account Total Cash $(1,125) 38,396 $37,271
Grant Programs Funded by three major fundraising programs Duck Race ($12,795 last year) Poker ($6,932 last year) Taste of Williamston (new this fiscal year) Happy Dollars ($1,375 last year) Total income available for grants last year was $21,894
Grants This Year 19 items approved by Board totaling $21,340 Paid to date $15,890, including YMCA Camp Pa-Wa-PI Williamston Theatre Dominican Republic Water project Williamston Soccer Boosters Williamston Food Bank Model UN Many Hands Program Christmas families Students of the Qtr ($900 budget) Williamston Kiwanis Scheffel Toy Project $3,000 3,000 2,000 1,000 1,000 1,000 1,000 600 600 540 500
Grants This Year National Night Out Red Cedar Jubilee ($1,000 budget) 500 Stop Polio Now Light Parade Haven House Meals ($1,200 budget) 100 $500 300 250
Grants This Year $5,700 Remaining to be paid: Haven House Meals Interact Clubs International Project Red Cedar Jubilee RYLA Students of the Qtr Miscellaneous $1,100 500 2,000 500 800 300 500
Tom Clay Memorials Received in total this year Earmarked by the Board for an annual scholarship for a WHS graduating senior who wants to study music in college. $2,680
Taste of Williamston New this year under Jack Helder s leadership Net funds raised $8,658 Increases our grantmaking ability as long as we continue both Duck Race and Poker Replaces Poker if we discontinue that effort
Balances as of 12/31/15 Dues account Community Service accounts 44,197 $(768) Total cash Includes Taste of Williamston ($8,658), Tom Clay Memorials ($2,680) and Grants not yet paid ($5,700) $43,429
Williamston Rotary Foundation Originally created and funded from Duck Race proceeds before 2010 IRS 501(c)(3), but tax exempt status revoked Current balance $18,733, of which $10,000 has been committed to the Township Park Restroom Facility Raj Wiener is working on restoring (c)(3) status
