Post by rumblefish on Jan 12, 2020 22:11:51 GMT
Now that the Holidays are over I want to share some key points that came from the Inaugural Directors meeting held at Clay's party in early December:
- It was decided to purchase pop-up shelters and tables ( the ones previously used belong to Chris ) along with a trailer to haul them in. Also, new banners will be needed soon . Dennis D. will be at the tracks early to set up the pits ( as Chris had done ) and using his personal vehicle to pull the trailer , only being compensated for mileage per Federal Guidelines . The money that comes in from sponsors is "ear marked " for either the year end points fund and or the drawings and awards handed out at every race . That being said , the only income source for incidental's and hard items is from membership dues. It was decided that the dues for this season will be $ 125.00 per member. The amount will be reviewed annually as in the past. Keep in mind, the Directors ( other than Dennis's mileage ) are NOT COMPENSATED in any way and are volunteering their time . The amount is still below what the dues were the inaugural year.
- It was decided to create an LLC ( upon a Vote ) which will create an entity on to itself, eliminating possible IRS / legal issues. I consulted with both a CPA and an Attorney which looked at the best way to accomplish this regarding the different types of incorporation to achieve the desired results. This is currently being done and hopefully will be completed in about 6 weeks. Once that is set up, We will then begin accepting dues payments . We will post an announcement .
The Directors are loaning the funds to accomplish this prior to dues collection.
There are other items being worked on during the off season and we will keep everyone posted.
Thanks to the other Directors for their work and Leann for all she has and continues to contribute to keep this group together with a bright future.
- It was decided to purchase pop-up shelters and tables ( the ones previously used belong to Chris ) along with a trailer to haul them in. Also, new banners will be needed soon . Dennis D. will be at the tracks early to set up the pits ( as Chris had done ) and using his personal vehicle to pull the trailer , only being compensated for mileage per Federal Guidelines . The money that comes in from sponsors is "ear marked " for either the year end points fund and or the drawings and awards handed out at every race . That being said , the only income source for incidental's and hard items is from membership dues. It was decided that the dues for this season will be $ 125.00 per member. The amount will be reviewed annually as in the past. Keep in mind, the Directors ( other than Dennis's mileage ) are NOT COMPENSATED in any way and are volunteering their time . The amount is still below what the dues were the inaugural year.
- It was decided to create an LLC ( upon a Vote ) which will create an entity on to itself, eliminating possible IRS / legal issues. I consulted with both a CPA and an Attorney which looked at the best way to accomplish this regarding the different types of incorporation to achieve the desired results. This is currently being done and hopefully will be completed in about 6 weeks. Once that is set up, We will then begin accepting dues payments . We will post an announcement .
The Directors are loaning the funds to accomplish this prior to dues collection.
There are other items being worked on during the off season and we will keep everyone posted.
Thanks to the other Directors for their work and Leann for all she has and continues to contribute to keep this group together with a bright future.