VOID Board of Directors - Meeting Minutes
Saturday, February 25, 2006 3:30PM - 4:00PM
ATTENDEES:
David R. Remer, President
Daniel Summars, Treasurer
Stephanie Crist, Secretary
Meeting was conducted by Instant Messenger
PURPOSE: To establish a checking account with dual oversight between President and Treasurer and to secure tax-exemption for donations, dues, and contributions and expenditures through operations as a not-for-profit independent political education and information organization.
MEETING SUMMARY:
1. All members of the Vote Out Incumbents for Democracy (VOID) Board of Directors were in attendance.
2. David Remer sought Board authorization to establish a checking account for VOID with the First National Bank in San Antonio, Texas. The motion was put before the Board to authorize the President to establish a checking account with the President as the sole signatory on the account, meaning only the President could sign checks and withdraw funds from the account; with the provision, that VOID's Treasurer be given access to view the transactions on the account.
The motion was voted on and approved unanimously.
The board further resolved that:
The ability to transfer incoming donations from the PayPal account into the Checking account is easy, so this motion should included the provision that both the Secretary and Treasurer must be notified at least 24 hours in advance prior to the President moving funds out of the checking account for any reason. No notification is required when transferring contributions or dues from the PayPay account to the Checking account. The 24-hour requirement is waived in those circumstances in which the Treasurer and Secretary are notified in less than 24 hours, and both agree to the transfer. By unanimous vote, the Board authorized David Remer to act in the manner thus described on behalf of the VOID organization.
3. Election time campaigning for or against candidates near election time is a prohibition placed on 501(c)4 organizations by the IRS. Since, we organized as a not for profit, non-partisan voter education organization, this prohibition does not affect us unless, and until, an IRS predefined period before an election, and then, only if we should decide to advocate for, or against, specific candidates or a slate of candidates. Due to this fact, David Remer proposed that we continue to pursue our current activities as a not for profit educational organization which fall under the purview of both 501(c)4 and 527 organizations. In the event that we decide in September to campaign against incumbents, we will need to contact the IRS regarding reorganizing under the 527 code. As a 527 organization, we are free to campaign against incumbents, our reporting requirements are minimal, and as long as we're structured primarily as a web based association of persons, we are exempt from many FEC regulations. In addition, we would be taxable only on revenues which are not raised for our primary purpose, (e.g. interest accrued on accounts). If and when a 527 designation is warranted, we may need to file 1120-POL due the 15th day of the 3rd month after the close of the taxable year in 2007. Exemption: Political organization with no taxable income after taking the $100 specific deduction. Also, we have reached the $1000 limit for registering and may have to register with the FEC ASAP.
4. By unanimous vote, the Board moved to officially organize VOID on not for profit principles whose efforts are aimed at educating the voting public as to how they can, with their vote, clean up corruption and bring about necessary reforms to insure Congress and politicians look to the voters, not wealthy donors or special interests, for how to vote on issues of national importance. It was further agreed if VOID chooses to engage in activities defined by IRS 527 regulations, VOID will make the appropriate filings at that time.
5. By unanimous vote The Board authorized the President, David Remer, to initiate any necessary filings to facilitate and insure compliance with IRS and FEC regulations.
6. Board addressed all items on the agenda. President motioned to adjourn the meeting. Board voted unanimously to adjourn this meeting. The next meeting will be scheduled at a future date.
NEXT STEPS:
Board will schedule a meeting for March, once the need arises.
