Where does ITMA get its operating funds and funds for awarding scholarships?
Annual Membership Dues There are two levels of Membership, Corporate and Individual; dues are the primary source for ITMA operating funds.
Sponsorships There are a number of Sponsorship opportunities for Luncheons and Special Events.
Event tickets For luncheons and special events such as Golf and other events that may be scheduled throughout the year; net proceeds from special events are used for the ITMA Scholarship Fund.
Direct Donations Should an individual or organization wish to do so, direct donations may be made to the ITMA Scholarship Fund.
What are ITMA’s expenses? How does the organization utilize the funds it receives?
Operating Expenses ITMA’s operating expenses are those items common to most organizations such as accounting expense (for CPA), insurance, banking and credit card fees, postage, technology (website), etc. ITMA’s Officers and Board Members are all volunteers and no compensation is provided.
Scholarships Net proceeds from Special Events and Direct Donations are used to award annual Scholarships to qualified area college students pursuing a course of study in International Transportation through a rigorous annual award selection process.
What is ITMA’s tax status? Is it a nonprofit? Are funds paid to ITMA tax deductible?
ITMA is a 501(c)(6) (business organization) non-profit corporation and is thus exempt from Federal Income Tax. Since it is not a charity (501(c)(3)), funds paid to ITMA are not tax deductible as a charitable donation.
Members should discuss any tax deductibility related questions to their CPA.
How does ITMA ensure that the Treasurer is fulfilling their responsibilities and handling ITMA funds in a secure, prudent way?
An audit of the books is done each year by an Audit Committee. At least two Board Members comprise the Audit Committee and conduct the audit using a standard format that specifies the items that are to be verified (bank statements, financial reports, funds received, expenses paid, etc.). If the Audit Committee determines that the books are in order, they issue a letter so stating. If there are any findings these are addressed prior to the letter being issued.
What are the tasks and responsibilities of the ITMA Treasurer?
The ITMA Treasurer is responsible for oversight and management, within the scope of the ITMA By-laws and Board of Directors’ direction, of the finances of the organization. This includes receiving and recording all funds received by ITMA, paying and recording approved organizational expenses, timely reconciliation of bank statements, preparation of periodic financial statements, preparation of Treasurer’s Report for Board meetings and/or as requested by the Board or Officers, preparation of proposed annual Budget for presentation to the Board for their approval, working with ITMA’s designated CPA to prepare annual Federal filings, and other ad hoc requests by the Officers and/or Board Members. The Treasurer is also responsible for posting the above-mentioned documents and reports to an ITMA designated cloud storage space for access by all Board Members. The Treasurer assists and supports, as appropriate, other Board Members / Committee Chairs with their designated projects.