Click to edit Master title style FINANCIAL AND LEGAL MATTERS 1September 2015.
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Transcript of Click to edit Master title style FINANCIAL AND LEGAL MATTERS 1September 2015.
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Click to edit Master title styleFINANCIAL AND LEGAL MATTERS
1September 2015
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Click to edit Master title styleStandards for Accounting• Conferences maintain records on people assisted.
• Conferences maintain receipts, ledgers and journals.
• Conferences acknowledge each donation of $250.00 or more
• Conferences may not accept donations "earmarked" for a particular person.
• All expenditures by the Conference should be paid by check, with proper supporting documentation.
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Click to edit Master title style• Assistance from a Conference must not be self-serving.
• Client information must be kept in the strictest confidence.
• Records must be kept in a secure location and their use maintained in confidence.
• Conferences should share summary information with its contributors and the parish community.
Standards for Accounting (cont’d)
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Click to edit Master title styleStandards for Accounting (cont’d)
• Money donated to the Society can only be used for Society
business
• Giving money donated to another organization must be
avoided.
• Surplus funds should be twinned
• Conferences should not hoard money
• Conferences needing funds should contact their District
Council.
• Conferences who do have an excess of funds should twin
domestically or internationally
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Click to edit Master title styleTax Exemption
• Councils and Conferences must have a 501(c)(3) Tax Exemption, either by:– from their District or Diocesan Council– their own 501(c)(3) , or – inclusion in the National SVdP Group
Exemption
• Coverage through the Church no longer applies
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Click to edit Master title styleNational Group Exemption
Applying to be in the National Group Exemption:
1.Must have its own EIN (cannot be the parish EIN)
2.If not, obtain EIN number in Conference name using the SS-4 form found on www.irs.gov .
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Click to edit Master title styleTax Filings
• Every Council or Conference with their own EIN must file a 990
990 Filing Instructions Form to File
Gross receipts of $50,000 or less 990-NGross receipts between $50,000 and $200,000And total assets less than $500,000
990EZor 990
Gross receipts more than $200,000 and/ortotal assets exceed $500,000
990
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Click to edit Master title styleLoss of Exempt Status
• Tax exempt status will be revoked for failure to file 990 for three years in succession
• If tax exempt status is revoked
– Must file a Form 1023 to gain independent tax exempt status
– Must pay a filing fee
– Cannot join or rejoin any group
• Loss of Council status affects Conferences as well
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Click to edit Master title styleLiability Concerns
Situations that may cause claims or lawsuits
• If Conferences not covered by the Council liability insurance, Conferences may get coverage through the National Group Insurance Program.
• Some claims may not be covered by terms of the insurance policy
– Some claims may be directly against individuals for their actions that do not fall under the insurance coverage of the Society.
– Anyone operating outside the rules and guidelines of the Society may not be protected.
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Click to edit Master title styleLiability Concerns (Cont’d)
• If an incident occurs, contact the District Council immediately. Late reported claims can be denied by the insurance company.
• DO NOT TRY TO NEGOTIATE A SETTLEMENT WITH A CLIENT (CLAIMANT).
• Call the police to all traffic accidents, period.
• Do not discuss any incident with anyone except the police, the Society's insurance carrier's representative or your own lawyer.
• Do not talk (or accept a phone call) from the claimant’s attorney or insurance company
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Click to edit Master title styleAvoiding Liability Concerns Common sense rules to avoid potential problems:
• Always operate within the rules and guidelines of the Society.
• NEVER HOME VISIT OR MEET A CLIENT ALONE.
• Use common sense when making physical contact with clients
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Click to edit Master title styleAvoiding Liability Concerns Cont’d
Common sense rules to avoid potential problems:
• All Vincentians must have their own vehicle insurance.
• Do not share clients' personal problems.
• Vincentians are generally not trained counselors
Keep members informed of Liability Concerns Keep members informed of Liability Concerns and Common Sense Rulesand Common Sense Rules
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Click to edit Master title styleQuestions/Comments
Questions/Comments13