"Corporation Records"

"Maintaining Your Corporate Binder"

Documents to Include In a Corporate Binder
   1. Certificate / Articles of Incorporation;
   2. Bylaws
   3. Board Standing Rules
   4. Form 1023 / 1024 Federal Tax Exemption Application;
   5. Strategic Plan; Budget;
   6. Statement of Organization's Vision and Mission
   7. Personal goals of the chairperson for the current year
   8. Three most recent reports to IRS (Form 990, "Return of Organization Exempt From Income Tax" and state authorities.
   9. Three most recent audited annual financial statements and current year interim financials;
  10. Text of board-approved policies with continuing effect;
  11. Minutes for the current and immediately preceding year.
  12. IRS Determination Letter

Unincorporated Associations
This form of organization is a contractual relationship between the individual members of an association, all of whom have agreed to cooperate together for a particular purpose. This organization has no existence or "personality" separate from the individual members. Typically there are office holders and their duties, responsibilities and powers are are delegated to them in a formal document. However, because there is no legal entity the association itself cannot own - be vested - in property. Gross Receipts limited to $4999 or less per year. Gross receipts of $5000 or more, for two out of three years must be reported to IRS via Form 990 or Form 1120.
Eligible for IRS Determination Letter.

Non-profit Corporation
A nonprofit corporation (sometimes referred to as not-for-profit) is formed as a corporation for purposes other than generating a profit and in which no part of the organizations income is distributed to its directors or officers. Nonprofits are involved in an innumerable ranges of areas relating to the arts, charities, education, politics, religion, research or some other endeavor. Gross Receipts $5000 per year must be reported via Form 990.
Eligible for IRS Determination Letter

For-profit Corporation
A for-profit corporation is formed as a corporation for the purpose of generating a profit. Gross Receipts over $5000 per year are taxable. A lot of local associations fall into this category. Which makes them eligible for the D.R.A.F.T.
Gross Income, Eligible for IRS taxation, must file Form 1120

Local associations are governed by the documents in the following order. Should a higher ranking document contradict with a lower ranking document, the information in the higher ranking document should be adhered to.

     1. Federal/state/local laws (including Articles of Incorporation)
     2. Local Sports Officials Associations Bylaws.
     3. Local Sports Officials Associations Association Policy Manual
     4. Association's Operations Manual, if applicable
     5. Robert's Rules of Order, Newly Revised (most recent edition)