|Subject:||RE: AMCA will change to a FOR-PROFIT corporation||Date:||Wed Dec 12 18:26:51 2012|
Thanks for bringing this to the Chapter's attention.
Everywhere you turn, there are new taxes.
Looking forward to discussing this with you and the rest of the Chapter brothers.
----- ORIGINAL MESSAGE FOLLOWS -----
In your Winter 2012 AMCA magazine, on page 86, please read the section: III AMCA's Tax Status.
In part, it says:
"Trudi Johnson-Richards move that the AMCA become a taxable for-profit corporation for the year 2013 and voluntarily relinquish its IRS tax-exempt status. Red Fred Johansen seconded the motion. Motion passed unanimously by the Board members present".
Please note that this occurred on October 6, 2012, and has NOT been communicated to the Chapters except on the aforementioned page 86.
This has serious implications for our Chapter - we will lose our non-profit status since the IRS recognizes us under the AMCA umbrella. We will have to pay regular income taxes on our net income, including the membership dues we collect.
It may be prudent to independently seek non-profit status for Highlands of Virginia, Inc. (our Chapter's corporate name) as a 501(c)7 organization.
This should not affect our affiliation with the AMCA, and will probably be the course that most chapters will pursue.
The Highlands Chapter Board of Directors will be following this matter closely, and unlike the AMCA, will keep our members apprised of the situation.