Riddle: How many Treasurers does it take to screw in a light bulb?
Answer: Ummm... two?
No, just one.
But, there's no rule against two Treasurers screwing in a light bulb-- or even a dozen.
The same with a 501(c)3. A 501(c)3's Board can do whatever it wants - it can fill a stadium with Treasurers. You know the saying: it takes a village of Treasurers to raise a 501(c)3.
GA brings up this Tale of Two Treasurers because I was wondering which one- Treasurer No. 1 or Treasurer No. 2- has been tallying the gross receipts for the Mason Civic League, Inc...
Because for the past 5 years, the 501(c)3 has reported "gross receipts not greater than $50,000" on its e-Postcard returns.
click image to read
Now GA is really confused.
Since at least 2011 the Mason Civic League, Inc. has held "community space" and administrative office space at 1200 Washington Street, Hoboken NJ- the address used by Treasurer James Barracato on the charity's business filings with the state.
But.... GA's understanding is that the IRS calls office space donations "in-kind donations"...and the recipient must be a tax-exempt charitable organization or 501(c)(3)- like the Mason Civic League, Inc.
In turn, the recipient charity files the "in-kind donation" of office space (fair market value of rent) on "Non Cash Contributions" Schedule M of Form 990.
GA is stumped. I am a layperson, no expert on business accounting... but where is the Civic League reporting the non-cash contribution of the 1200 Washington Street space?
I know, we need more Treasurers to figure this out!