Treasurer’s Report

It hardly seems possible that we are only weeks away from our National President’s Dinner in Philadelphia. It is also hard to believe that my tenure as National Treasurer will be winding down in six or seven months. How time flies!

Before you know it, we will all be looking at a changing of the guard in Turning Stone.

We have been through some difficult economic times since 2008 and are in the middle of one even as you read this. In spite of the challenges, we have managed to maintain our savings intact. Through the advice of counsel, our oversight committee and brothers involved the financial industry, we reverted to a cash position last year. At this time it has been good advice as “cash is king.”

The IRS problem continues to be a headache for many of our divisions, and has especially become a frustrating experience for some of our financial secretaries across this country. However, those divisions who continue to attempt to file are starting to see a light at the end of the tunnel. We are discovering that since 2007, when the new IRS regulations came into existence, it has been a learning curve for both the Service and ourselves in regard to non-profit organizations.

All financial secretaries must also remember that our per capita tax increase begins on Jan 1, 2012 when each member will be assessed $12 instead of $8 for National dues. This will allow our organization to breathe a little easier at the end of each year when our cash flow is at its lowest. This dues increase occurred in Cincinnati in 2010 but was not to take effect until Jan 1, 2012. The last dues increase was 25 years ago and you can understand why National Treasurers were getting nervous every year in December

Please remember that divisions who have not paid their per capita tax will not be allowed to register for our National Convention in Turning Stone. You will hear more about this in the next few issues of the Digest.

I look forward to seeing many of you at the President’s Dinner in Philadelphia.