Re: Motion re transfer of funds to AIS Foundation

[Jill Bonino <aistreas@earthlink.net>]

Hi Don,

The reason for the transfer of funds from the AIS to the AIS Foundation is to help the AIS Foundation maintain its public foundation status for tax purposes.  This is a complicated issue and has involved lawyers and CPAs on the AIS Foundation's side to make this decision.  In summary, the AIS and the AIS Foundation must receive at least 33 1/3% of their income each year (averaged over a 5 year period) from the public, either thru donations, member dues, storefront sales, exhibition supply sales, etc., to continue to quality as tax exempt organizations.  The AIS has no trouble meeting this requirement, but the AIS Foundation has had trouble the last few years.  The majority of its income is investment income which does not count, so the AIS is helping the AIS Foundation by directing its donations to go thru the AIS Foundation so it can continue to qualify for its tax exempt status.  

As Susan mentioned in her email, the Jan 2012 issue of IRISES will explain this in more detail.

Hope this helps,

Jill Bonino
AIS Treasurer 




-----Original Message-----
>From: don.rude@comcast.net
>Sent: Dec 19, 2011 5:25 PM
>To: aisdiscuss@aisboard.org
>Subject: Re: [AISdiscuss] Motion re transfer of funds to AIS Foundation
>
>I'm new. Before I vote, I would like to know why the change is necessary. 
>
>----- Original Message -----
>From: "Michelle Snyder" <AISSecretary@irises.org> 
>To: aisdiscuss@aisboard.org 
>Sent: Tuesday, November 15, 2011 4:23:43 PM 
>Subject: [AISdiscuss] Motion re transfer of funds to AIS Foundation 
>
>Jill Bonino moved and John Jones seconded the below motion. As such, it 
>is officially open for discussion. 
>
>"That the AIS transfer $10,005.49 to the AIS Foundation to close out the AIS Restricted Funds for the AIS Library and for Research& Scientific Grants." 
>
>
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