Question

I am a treasurer of a collegiate club whose main income is through college funding, dues, fundraisers and things like that. What do I have to do to file taxes?

Forum|Forum|4 years ago
April 18, 2022
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I am a treasurer of a collegiate club whose main income is through college funding, dues, fundraisers, and things like that. What do I have to do to file taxes? The club is considered a small business and I do have the club's EIN.

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LudwigVan_fan

Employee

Is the club organized as a non-profit under Section 501(c)? If so, Form 990 and possibly 990T if criteria is met. Also, is the club under the auspices of the College? If so, perhaps nothing need be done, but check with the College administration.

If non-profit see this link

https://www.irs.gov/pub/irs-pdf/i990.pdf

If the club is not organized as a non-profit under IRC 501(c) and it is a corporation, then Form 1120 or on an outside chance, 1120S (which I highly doubt) might be required.

What has been filed in the past?

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

H

huy117Author

I am not sure whether the club was organized as a non-profit. We are under the college, but they told me I still had to file taxes. We have not filed taxes in the past.

LudwigVan_fan

Employee

Did they tell you what you needed to file?

For F990 filing date is 15th day of the 5th month after the end of the organization's tax year. For calendar year, that would be May 15th.

For a "for profit" 1120, it is the 15th day of 4th month after end of taxable year.

You need to find out what the club is. Profit, non-profit, corporation...just what is the organization? College administration should be able to tell you, especially since they told you to file something....what?

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**