Organization & BylawsFeb 23,2010
Non Profit Purposes Directors Office Bearers Vital Statistics Financial Management & Insurance 501 c 3 Details
Stated Purpose:
◦To popularize specific genres of music and arts originated in India and to support the artists that create these art forms
What is a Director ? Qualifications needed for a Director Duties of a Director Compensation Term of Office
Directors are people who will take care of the organization in good faith who has to regularly attend meetings
Judgment should made independently
The opportunity of CFAA will not be taken advantage of for personal gains
No Personal Liability for the debts and other obligations
Formal Training and qualifications in the business administration for Non Profits◦ Graduate degree/diploma: MBA, MS etc
Proven experience in working for non profits
http://www.sog.unc.edu/programs/dssboards/documents/026HiringaNonprofitDirector.pdf
Establish Mission and Vision of the Organization
Identify resources to accomplish the mission Determine the charitable goals by
consensus Supervise employees, officers, agents
(vendors) Provide Address and Phone Numbers to the
Secretary of the organization
http://www.sog.unc.edu/programs/dssboards/documents/026HiringaNonprofitDirector.pdf
There will not be any compensation for the directors
Reimbursements and advanced expense allowances are approved
Conflict of Interest Policy Exists◦ No Gifts emanating from this role◦ Obligation to disclose any financial gains
http://www.sog.unc.edu/programs/dssboards/documents/026HiringaNonprofitDirector.pdf
Directors are appointed for a period of 2 years
During the 2 years, a director can be removed from office for non-performance
They can resign
New Directors are always elected by the rest of the directors with the Chairman of the board having the veto power
Who are the office bearers ? Responsibilities of the Office Bearers Terms of Office Compensation
We need to typically have◦ A President, who will be the chairman of the board◦ A Vice President, who has all the responsibilities of the
President when the President is away◦ A Secretary◦ A Treasurer
◦ Further roles are Assistant Secretaries and Treasurers are allowed but not essential
◦ No specific qualification is required other than ability to execute on the duties stipulated by the board
CEO of the corporation
Supervise and control affairs of CFAA
Chairman of the board
Execute on checks, bonds, and financial instruments on behalf of CFAA
Responsible for keeping the bylaws in tact
Responsible for calling meetings and minutes of the meetings
Custodian of all records bearing CFAA
Maintain membership records
Responsible for all funds and securities in banks and other places
Receive money, and make payments on behalf of the organization as approved by the President
Keep track of income and expenses
Prepare Financial Statements
File Taxes with the State of Colorado & IRS
Officers can be compensated, but as per the policy of the CFAA, we have decided not to provide any financial compensation to the officers
◦ They are entitled to reimbursements for the expenses made in the name of the organization
◦ Conflict of Interest Policy is the same as the directors.
Noteworthy Current Details ChangesName of the Entity MSI Media CFAA (Application Filed)
Date of Incorporation 10/28/2008
Date of 501 c 3 request 08/01/2010
Approval of 501 c 3 02/15/2011 Backdated as of 10/28/2008
Directors Ajay Chankramath, Anitha Ajay
CFAA Core Team
Authorized President of the organization
Ajay Chankramath
Authorized Treasurer (Signature Authority)
Anitha Ajay
Banking @ Elevations Credit Union
Legal Address 1709 Tuscany CtLongmont, CO, 80503
Financial Management of CFAA will be done in a transparent manner
A quarterly Income Statement will be published by the Treasurer of the organization upon approval by the board
For now we will be publishing the statement in Excel
The President is authorized to use the services of a certified tax professional to file the annual taxes if required
We will be insuring the Directors and Officers against any potential lawsuits
A minimum insurance of $500,000 will be what we will be insuring for
In an unlikely event of any patron/member lawsuits or lawsuits emanating from canceled events, we will be able to cover us with this
CFAA has the tax exempt status
Anybody providing money to CFAA will be eligible for Charitable donations after deducting the Fair Market Value (FMV) of the goods and services they receive from CFAA
While we would not provide tax advice, we will be providing receipts for every penny that we receive from any member for event tickets, membership dues as well as patron dues
Any organization can support the charitable work of CFAA by providing funds that allow us further the cause indicated in the purpose slide of this presentation
Acceptance of funds from sources will be approved by the board. Any member of the board can bring this up with the board
We will make all documents available for public inspection as required by the law
For now we will file 990-N Forms with the IRS for the tax purposes
FMV of the tickets (Goods & Services) we have are $13.30 for the TMK concert as the contract I have with the sponsors says that in order for us to have TMK here in Denver we pay them $4000.
Since there are 300 seats, we have 300 * 13.30 = $4000.00. The cost of hall and rest of the things are incidentals covered by underwriting alone.
Anybody contributing to CFAA can deduct◦ X- ( (FMVz x Y ) * Z)◦ X = Total donation; FMVz = FMV of the event; Y = Number of Tickets; Z= Number of
events
For a $500 Patron with 4 family members attending 2 events in 2011 both at a FMV of $13.30
Deductible: $500 - (($13.30 x 4) * 2) = $395 For somebody who's buying 4 $20 Tickets per event for each of the 2 events in
2011 Deductible: ($20*4*2) - ($13.30*4*2) = $54
CFAA intends to send our patrons the FMV of the ticket prices at the end of the year