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ILYA SCOWLINES
A Publication of the Inland Lake Yachting Association
Volume 5, Issue 60

October 14, 2010


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Melges Performance Sailboats

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Last Chance to File Form 990 is Oct 15 - Does Your Organization Need To File?

Beginning in 2008, all non-profit organizations were required by the IRS to file annual reports. In the past, groups with annual revenues greater than $25,000 has always been required to file Form 990, but now even organizations with smaller budgets must file Form 990-N, a simple informational postcard, to register with the IRS. Failure to meet the annual reporting requirements for three consecutive years will result in the immediate revocation of the organization's tax exemption.

The form was due earlier in the year, but in response to the massive number of small organizations subject to revocation, the IRS announced a special filing extension for organizations needing to file the 990-N e-postcard until Friday, October 15, 2010.

Does your lake organization need to worry about this deadline? Here are some answers to frequently asked questions:


My lake organization is organized as a lake district. Does the rule apply to my group?

No. A lake district is organized as a unit of government, not a non-profit corporation. The 990 filing requirement only applies to groups governed by section 501 of the Internal Revenue Code (usually a 501(c)3 organization).

My lake organization has averaged less than $25,000 in revenue over the last three years. We've never filed Form 990 before - do we need to now?

Yes, you'll need to file form 990-N. This is the new form for groups with low revenue.

My lake organization has less than $5,000 in revenue annually and is not required to apply for a tax-exemption with the IRS. Do we need to file form 990-N?

Yes. According to the IRS, "certain organizations do not have to apply for tax exemption by still have an e-Postcard filing requirement. If your organization did not file an application for exemption because it is a section 501(c)3 organization whose gross receipts in each taxable year are normally not more than $5,000 or because it is exempt under another Code section, such as 501(c)4, an officer of the organization should call Customer Account Services at 1-877-829-5500 and ask that the organization be set up to allow filing of the e-Postcard."


Helpful links on the subject:

For a short article from Attys. Jeff Storch and Madelyn Leopold of the Boardman Law Firm in Madison describing the new requirements in more detail, click here.

To view the IRS pages on the filing relief for the new requirements, read FAQs on the matter, and get contact information with the IRS, click here.

To see a list of organizations the IRS has determined are in jeaporady of losing their exemption, click here.

To go to a new website the IRS has developed with information and trainings on different topics of interest to tax-exempt organizations, including filling out Form 990, click here.

Sailing Anarchy has ranked One Design classes based on participation at the last three year's national events. And we have THREE IN THE TOP TEN!

Take time to nominate your favorite ILYA member or family - Deadline Friday

 

ussailinglogoUS Sailing honors the best of the best every fall at the One Design Symposium. If there is anyone who has a lot to be thankful for or any organization who has pride in its accomplishments, it's US. So take a few minutes this week and think of the best event of the year in our area, the spark plug from your fleet, a creative force behind your fleet. The editor can think of no other group of individuals who make sailing as competitive, pleasureable or outstanding as the members of the ILYA.

Click here to nominate one of your favorite clubs, regattas, fleet leaders.

 

 

Scuttlebutt is also honoring sailors.

Scuttlebutt is launching the SAILING FAMILY OF THE YEAR award.The rules on who qualifies are loose. Your family may participate together or separately. Your family might be into competing, cruising, or supporting the sport in some capacity. Maybe not all of your family is into sailing, but some are. If you are part of a family, and you have family members that participate in the sport, than you are a qualified entrant for the SFOTY award.

The winning family will be outfitted in team gear courtesy of Atlantis WeatherGear and Camet International, along with receiving international recognition and commemorative trophies. Entry deadline is November 15, 2010. Enter here: http://www.sailingscuttlebutt.com/news/10/SFOTY/

 

North Sails and Melges Fall Sale Ends Friday

annapolis boat

Melges and North Sails have big savings on new boats and new sails until October 15.  Time to order and save is NOW.  These savings are from coast to coast - even in Annapolis at the US Sailboat Show where Melges is right now. Andy Burdick and Jim Gluek are active in selling and promoting both here and in Annapolis. There have been great days in Annapolis with lots of interest in Melges Performance Sailboats! Thursday was VIP and Industry day at the show.  

Two Melges 20's on display.  Both in the water.  One for display and one for test sails.  The show was really well attended with VIP's from all around the world.  The US Sailboat Show in Annapolis truly is the BIG STAGE, Savings apply to all Melges Boats.

ILYA OFFICE
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PO Box 311
Fontana, WI 53125-0311
Phone: 262-203-7721
Fax: 262-203-7722
To submit articles, send to Candace Porter
Inland Lake Yachting Association website, click here.
To contact Executive Secretary Jim Smith, click here.
Use this area to provide your subscribers information about your organization.
Sincerely,

Candace Porter
Inland Lake Yachting Association