Chapter Financials 101

Danielle BauerScott Levitz

Objectives• Setting up a tax ID number and bank

account• Obtaining tax-exempt status• Filing taxes• Raising funds and generating

revenue• Resources

Opening a Bank Account• List of officers

• Two signatures required – Treasurer and delegate or chapter

advisor

• Federal Tax ID number• Direct deposit with ASDA

Federal Tax ID Number• Fill out SS-4 form at

www.irs.gov • Call IRS at 800-829-

4933• Be sure to get a copy

of the letter documenting your FEIN

Group Exemption• Obtain tax-exempt status for

federal/state income taxes• NOT exempt from state sales tax• Required forms:–Affiliation agreement–Group exemption consent form–Constitution & bylaws• Deadline to submit: Aug. 31

Filing Taxes• Submit Annual Report by May 15–Form 990-N (<$50,000 gross receipts)–Form 990-EZ (>$50,000 gross receipts)–Form 990-T ($1,000+ in taxable income)• ASDA can file for you if gross receipts

<$50K and no taxable income• Loss of tax-exempt status

Sponsorship• Gather contacts at

ASDA national events• Ask your trustee for

local vendors• W-9 Form• Not tax deductible• Advertising vs.

recognition

Fundraising• Events – vendor fairs, golf outings• Sales – apparel, business cards,

dental equipment• ASDA scrubs program• Incentives from ASDA and ADA• Local dues

Resources• ASDA Chapter Handbook• How-to Guides on Fundraising

and Vendor Fairs• IRS forms –

www.irs.gov/Forms-&-Pubs• Chapter Resources web page -

www.ASDAnet.org/chapterleadershipresources.aspx

Questions• Danielle Bauer, CAE, Director of

Membership312-440-2826Danielle@ASDAnet.org

• Scott Levitz, District 2 Trustee203-506-4835scott.levitz@hsc.stonybrook.edu