Feb 26, 2008
NANCY: Time to have another meetings as our last was November, 2007. Only business is to announce the 'elections' done and touch base on booklet and CD activity and funds in place. The current officers and board were nominated, seconded, and accepted their positions. Since there was no contest there was no need to hold elections.
Our annual reporting requirements could also be listed, including those done last Fall - annual report with Delaware with fee, annual renewal with TCC our rep in Delaware with fee, newly required 990-N with the IRS, annual report with Wisconsin with fee. All this is done last quarter of the year and into first quarter of the next, each year.
ROGER: If everyone concurs, I propose an email meeting. Nancy's informal agenda seems appropriate. All in favor of an email meeting, please respond and then I'll open the meeting (assuming a quorum).
ROGER: With everyone's positive response, I hereby call this email meeting to order! Welcome newly re-elected members to the 2008 TT Inc Board of Directors!
Our booklet and CD stock is holding well at right around 200 CDs and 100 booklets. The current ordering frequency has been very slow at an average of one order a week. Many of the past few orders have been for multiple sets. Our PayPal funds are still holding well for repurchase of CDs or reprinting of booklets.
This is the end of my report.
NANCY: On an annual basis, our administrative reporting requirements and expenses are few.
- As a Delaware corporation, we are required to have an in-state representative. Thus we have as agent The Company Corporation, which requires an annual fee of $215 paid in the fall.
- We are also required to report to the State of Delaware, including a fee of $25. This is normally completed right after the end of the business year.
- Until this past year the IRS did not want to hear from us unless we were making more than $25,000 in profits during the year. This changed this past year when they wanted small non-profits to report via a 990-N electronic filing, which I also completed promptly in January.
- As an official 'place of business' for the nonprofit, we must also report to the State of Wisconsin. This reporting is more elaborate, with issues such as 'net worth' and 'revenue' and 'expenses' being tracked from year to year. This report requires both our signatures so I mail the paperwork to Roger and he forwards on to Wisconsin with a $15 fee.
Revenue for this year has been $1,652.69 via PayPal and $330.70 via Checks. Project expenses have been $128.39 for postage from Kansas, $18.75 for postage from Wisconsin, $19.58 for Envelopes, $500 to reprint booklets, and $9.95 for domain renewal. Administration expenses not already mentioned above were $96 for PO box, $114 in bank fees, and $34,14 for new checks. Net worth is a combination of cash in hand and physical assets, which we depreciate at the rate of 10% per year. End of 2007 saw $2,573.24 in PayPal account, $788.68 in checking, and physical assets worth $2,904.30.