ORIGINAL: KidEpoxy
ORIGINAL: KidEpoxy
MA requirements?
Like if it is required to lose $100k, $500k, $1mil? Is there some mandated loss amount MA has to meet?
Is that the reason it runs so far in the red,
it has to lose $1million or it voids the NFP status?
Or is the a lesser loss we can achieve & still keep tax status?
What would the IRS do to us if we only lost $500k on MA next year?
Your only apparent answer to my many questions is that AMA is required to be published, without regard to financials of it. Sure AMA is required to publish
something to the members, but the IRS shouldnt care if it is MA, MAjr, MA2, MB or some xerox pamphlet in plain text- the requiremnt is not for a Monthly AdvertizerFull magazine $1mil in the red. As far as I know, the Rocketry club(NAR?) gets a quarterly and they dont have Gmen storming their doors over it.
I am more than willing to crack open the MAs to the financial pages, so we can review the monies involved caimed going into MA & out of MA..... that is where it would be, in the required mialings of the NFP newsletter, right? Cause as I posted before, the numbers AMA give out to the membership in the tax required mailing show $1mil in $2mil spent....... or does the AMA keep secret Online Only Stealth numbers not available to the membership via the official information source MA.
The rocket guys keep their NFP and get a quarterly. Lets do that.... and not in the red