At MoBo, we think of each volunteer hour as worth $5, which is clearly verrrry low but so are our prices-----a frame usually goes for 20. It helps when you get up to the random nice campy stuff that comes in everyonce in awhile---we can put twenty volunteer hours on something we think someome should put some time into---where they would usually put in money. I don't know how much INKIND stuff you can report on your taxes but if someone does skilled labor for free, or donates a space, or does anything else for free that would usually cost, that, my friend is considered an inkind donation, worth monetary value. When you write grants---that looks good. Looks like you're making a lot more than you are-----through donated services and resources. good luck! MoBo
On Mon, Jan 26, 2009 at 7:56 PM, Elizabeth Hunter ehhunter@hotmail.comwrote:
What kind of organization are you? Incorporated cooperative, 501(c)(3), etc. That will probably help with the advice.
Elizabeth
On Mon, Jan 26, 2009 at 1:41 PM, Jonathan Morrison < jonathan@slcbikecollective.org> wrote:
First off, I might get a second oppinion. Find out for yourself because I could be mis-informed, but I was under the impression that organizations that make less than $25,000 per year are NOT required to file a 990, I also heard that number is going up. Maybe that is why your CPA is trying to push you over that number because they do help with grants.
You should be able to pull most 501(c)(3) non-profit's 990 forms. They are in the public domain. So you can see exactly how other people do it. There is also a recommended value for volunteer hours( http://www.independentsector.org/programs/research/volunteer_time.html) that some federal agency comes up with.
Sincerely,
Jonathan Morrison Executive Director Salt Lake City Bicycle Collective 2312 S. West Temple Salt Lake City, UT 84115 w: 801-328-2453 c: 801-688-0183 f: 801-466-3856 www.slcbikecollective.org
Get Addicted to Crank! http://www.slcbikecollective.org/crank/
The mission of the Salt Lake City Bicycle Collective is to promote cycling as an effective and sustainable form of transportation and as a cornerstone of a cleaner, healthier, and safer society. The Bicycle Collective provides refurbished bicycles and educational programs to the community, focusing on children and lower income households.
On Mon, Jan 26, 2009 at 1:00 PM, Boson Au instructions@gmail.com wrote:
Hi everyone.... Boson from Baltimore's Velocipede bike project here.
we're in the midst of calculating our taxes (for the first time........) and we do have an accountant who is graciously helping us out for next to nothing.
anyways, he asked about how much profit we make and we got a little caught off guard; besides the random part/bike we sell (for peanuts) we really don't make profit. We are entirely volunteer-run, so we don't need to pay wages. Our landlord is letting us use the place for a song, so beyond utilities and some non-recyclable parts (ie: brake cables) we don't really have much "costs"
as for profits: While we do sell some used parts and bikes (of which we def. have records of) the primary way our bikes leave the shop is via the build-a-bike program. A volunteer gives us 3 hrs, and we give them a bike/frame in need of work. they then spend time at the shop fixing it. no money is exchanged.
The accountant, not accustomed to this sort of "business" suggest that we consider coming up with something to represent the volunteer hours people give to enroll in the build-a-bike program, after all, they do get a bike out of it.
I wanna ask the other collectives out there, how do you handle this?
Thethinktank mailing list Thethinktank@bikecollectives.org To unsubscribe, send a blank email to TheThinkTank-leave@bikecollectives.org To manage your subscription, plase visit:
http://lists.bikecollectives.org/listinfo.cgi/thethinktank-bikecollectives.o...
Thethinktank mailing list Thethinktank@bikecollectives.org To unsubscribe, send a blank email to TheThinkTank-leave@bikecollectives.org To manage your subscription, plase visit:
http://lists.bikecollectives.org/listinfo.cgi/thethinktank-bikecollectives.o...
Thethinktank mailing list Thethinktank@bikecollectives.org To unsubscribe, send a blank email to TheThinkTank-leave@bikecollectives.org To manage your subscription, plase visit:
http://lists.bikecollectives.org/listinfo.cgi/thethinktank-bikecollectives.o...