‘Lunch & Learn’ Continues Tradition Of Informational Lunches
Darcee Ayers of TD&T Financial Group Inc. talks to participants about the in’s and out’s concerning Tax Exempt Organizations on Wednesday.
Oskaloosa, Iowa – Business professionals and others with busy lives many times find that having those extra minutes to learn about something are very precious to come by. The ‘Lunch & Learn’ series, hosted by the Oskaloosa Chamber and Development Group, gives those people an opportunity to learn about a subject during their lunch break.
For $5.00, the participant has the option to have a box lunch, catered by Hy-Vee, ready for them when they arrive.
The speakers, such as this week, focus on their area of specialty. Darcee Ayers, CPA with TD&T Financial Group, spoke about starting up a Tax Exempt Organization (EO).
Ayers explained that EO’s usually start with a group of individuals who are passionate for their mission. She also said that the government encourages these missions because, at times, it may lessen the responsibilities of government.
Ayers explained the IRS Code Section 501, and it’s subdivisions, examples being, a 501-C3 is a common one many people are familiar with. It includes such things as churches or other religious groups. Educational and charitable groups also fall within this designation.
A 501-C4 would be such things as civic and social welfare, and 501-C5 would be represented by such business leagues like the Oskaloosa Area Chamber and Development Group.
Ayers says that EO’s need to follow an exempt purpose, should benefit the public and avoid private benefit.
EO’s for a corporation, and the articles of incorporation are filed with the Iowa Secretary of State. A small fee is collected upon filing.
Another pitfall Ayers explained is of EO’s engaging in other activities that may be taxable, and how its board needs to be independent.
If you want to learn more about Tax Exempt Organizations, you can contact Darcee Ayers at 641.672.2523.
Oskaloosa Area Chamber and Development Group Director Jon Sullivan says he believes this is a service they can provide to the business community.
Sullivan says that the 3rd floor meeting room at the Oskaloosa Public Library is a very convenient place to gather.
Sullivan indicated this is the fifth year of the ‘Lunch & Learn” series, and attendance to the various seminars is dependent upon the topic. Sullivan explained that most groups are from 15 to 25 participants, with 25 being a bigger crowd for any particular topic. At times Sullivan says, there will be requests for more information that could end up with a followup seminar.
“It’s just great. We just call it a service to the community from the Chamber,” Sullivan said, explaining why they host the events.
You can visit TD&T Financial Group or the Oskaloosa Area Chamber and Development Group by clicking on their respective links in the story.
