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Returning Member
posted Apr 18, 2022 12:45:11 PM

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?

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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6 Replies
Level 8
Apr 18, 2022 1:32:54 PM

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?

Returning Member
Apr 18, 2022 1:42:05 PM

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.

Returning Member
Apr 18, 2022 1:54:57 PM

Since the tax forms are due today, is there any way to extend the deadline? Also is there anyone I can talk to that can help me fill out the forms?

Level 8
Apr 18, 2022 2:18:53 PM

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?

Returning Member
Apr 18, 2022 2:21:49 PM

They did not tell me what to file.

We are a collegiate archery club.

Level 13
Apr 18, 2022 2:59:38 PM

I assume that this is not the first year for the organization.

You should ask someone for a copy of prior return(s).

Someone should know the answer to this, it is just figuring out who that person is.