100th Episode Show! What Does Homeschool CPA Do?

 

“What does HomeschoolCPA do?”

For my 100th episode of the Dollars and Sense Show / HomeschoolCPA podcast I asked a few friends, “What does HomeschoolCPA do?”

There answers are usually spot on, but when asked to name a book I wrote some struggled with the titles.

Enjoy this celebration podcast and learn about a few other great podcasts for homeschoolers.

In the podcast Carol and Copper mentioned a binder for homeschool board members

 

Homeschool Organization Board Manual

 

Homeschool board  members should keep all their organization’s important papers in a safe and accessible place. Usually, a 3-ring binder works well.

Author and homeschool advisor, Carol Topp, CPA, has created a Homeschool Organization Board Manual. It is a template to create a board member binder.

But this is more than just a few cover sheets for your binder. It is also a 55-page board training manual with helpful articles on:

  • Suggested Board Meeting Topic List
  • Board Duties
  • Job Descriptions for Board of Directors
  • What Belongs in the Bylaws?
  • Compensation and Benefits for Board Members
  • and more…

Click Here for more information!

 

Carol Topp, CPA

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Does 501c3 Status Protect Our Homeschool Leaders?

 

What can you do to protect your homeschool group’s leaders?

Does becoming a 501c3 organization help?

In this short podcast episode (12 minutes)  Carol Topp, the HomeschoolCPA, will explains what 501c3 status is and how to protect your leaders.

 

In the show Carol mentioned a Facebook group called I Am a Homeschool Group Leader

She also mentioned some policies for your group to have from HSLDA: https://www.hslda.org/GroupServices/Leaders.aspx/Legal

 

Featured resource

The IRS and Your Homeschool Organization book.

The information in this book has been helpful to homeschool support groups, co-ops, music and sports groups to understand:

  • The benefits of 501c3 status
  • The disadvantages too!
  • What it takes to make the IRS happy
  • Why your organization should consider becoming a nonprofit corporation
  • What is the difference between nonprofit incorporation and tax exemption
  • IRS requirements after you are tax exempt

 

Carol Topp, CPA

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What Does a Treasurer Do?

 

Do you think all a treasurer does is write checks? Their job involves a lot more that that! Carol Topp of HomeschoolCPA explains the tasks a treasurer does and why her position needs lots of oversight in this short podcast (14 minutes).

In the podcast Carol mentioned a list of Best Financial Practices for homeschool organizations. Find it at  http://HomeschoolCPA.com/Fraud

 

Carol Topp, CPA has written a book just for homeschool treasurers:

Money Management in a Homeschool Organization

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

 

Carol Topp, CPA

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What Does a Secretary Do?

 

What does the secretary of a nonprofit organization do?

A secretary does a lot more than just record minutes of meetings. Carol Topp of HomeschoolCPA explains the important tasks a secretary does as the keeper of important papers in a homeschool organization in this short podcast episode (13 minutes)

In the podcast Carol mentioned …

Homeschool Organization Board Manual

This manual will help your organization’s secretary assemble all your important papers.

But this is more than just a few cover sheets for your binder. It is also a 55-page board training manual with helpful articles on:

  • Suggested Board Meeting Topic List
  • Board Duties
  • Job Descriptions for Board of Directors
  • What Belongs in the Bylaws?
  • Compensation and Benefits for Board Members
  • and more…

 

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How can a nonprofit board receive benefits (properly)?

A homeschool organization sent me their bylaws to look over. They had two conflicting statements about offering compensation or benefits to their board members, especially the officers (the officers of a nonprofit organization are President/Chair, VP, Secretary and Treasurer).

Article 4 Section 1 Board members shall receive no compensation (other than reasonable expenses) for their service on the Board.”

Article 5 Section 4 Officers of the Board are eligible for benefits such as discounts, retreats and/or priority registration as well as other meeting expenses deemed reasonable by majority vote.

So which is it? Are officers allowed compensation/benefits or not? Tuition discounts are taxable compensation according to the IRS (unless they are “insignificant“).

Also the benefits are approved by a “majority vote.” Majority of whom? The board? This organization has no voting members except the board. And a nonprofit board cannot vote themselves benefits because that is a conflict of interest and private benefit which is forbidden by the IRS (if excessive).

I understand the desire to thank hard-working board officers, but be careful that it doesn’t become taxable income or a conflict or interest or worse private inurement which is forbidden by the IRS for 501(c)(3) organizations.

Here’s what I recommend:
1. Change the wording of Article 5 Section 4 to read Officers of the Board are eligible for  benefits (such as insignificant discounts, training (retreats and conferences) and/or priority registration) deemed reasonable, but not significant enough to be taxable income, by majority vote of the non-officers of the board or recommended by an independent committee.

and then

2. Hold a board meeting where the officers leave the room and the remaining board members vote on what benefits the officers will receive that year. That means you need to have a large enough board to do this. And it needs to be done every year.

Or

appoint an independent committee (no one on the committee is related to any of the officers) to make a recommendation. The board votes to accept the committee’s recommendation (but without the officers allowed to vote since they will personally benefit).

These changes in their bylaws and having other board members vote for the officer benefits will keep the organization from having a #1) conflict of interest and #2) the appearance of private benefit. It also means the officers are being thanked for their service without receiving any taxable income.

 

If your organization needs help in understanding how to thank your board members (properly), read

or my new Homeschool Organization Board Manual. It’s a template for you to create your own board manuals as a place to store important papers and policies.

Carol Topp, CPA

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Homeschool Board Duties

 

Did you know the 4 main duties of homeschool board members? They are the duty of care, loyalty, management and compliance.

In this short podcast episode (12 minutes) Carol Topp, the Homeschool CPA, explains what those duties look like in practice. She offers tips and advice to help your board do a better job with their responsibilities in running your homeschool organization.

In the podcast Carol mentioned that you can heave a

Phone Consultation with Carol Topp, CPA

Phone Consultation: A pre-arranged phone call to discuss your questions. My most popular service for homeschool leaders. It’s like having your own homeschool expert CPA on the phone!

Cost: $75/hour to nonprofit organizations.

Q &A by Email:  I am willing to answer questions by email, but it is very time consuming to read and reply to emails. I charge a reduced rate of $50/hour to read and reply to emails.

Contact HomeschoolCPA, Carol Topp, CPA, to arrange a telephone consultation.

 

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We Changed Leaders: Who Do We Notify?

 

Have you changed leaders in your homeschool organization?

In this short podcast episode (12 minutes)  Carol Topp, the HomeschoolCPA, will  explain what government agencies you need to notify when you change your address or change leaders. She explains the forms and organizations you need to notify.

 

In the podcast, Carol mentioned a board manual temple for your homeschool group

Homeschool board  members should keep all their organization’s important papers in a safe and accessible place. Usually, a 3-ring binder works well.

Author and homeschool advisor, Carol Topp, CPA, has created a Homeschool Organization Board Manual. It is a template to create a board member binder. It has:

  • A list of important documents to keep in your binder
  • Section dividers so you can organize the important papers
  • Tools to help you run your meetings smoothly including
  • A sample agenda that you can use over and over again
  • A calendar of board meetings

 

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Board topics to discuss every year

 

Your homeschool board has a lot to discuss. How can you find the time to cover important topics?

Make a plan to cover one topic a month and do board training all year long.

In the new Homeschool Organization Board  Manual, Carol Topp offers has important topics your board should discuss every year. She shares those topics on today’s podcast (17 minutes).

 


 

In the podcast I mentioned the new Board Manual for homeschool organizations. I think you’ll find it helpful to organize your board and run your homeschool organization successfully!

Read more about the Homeschool Organization Board Manual

 

Carol Topp, CPA

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A meeting agenda will keep your homeschool board on track

 

Do your homeschool meetings last forever and wander off topic? Maybe an agenda will help!

In her new Board Members Manual, Carol Topp offers tips on running a board meeting and creating an agenda. She shares those tips on today’s podcast (10 minutes)


In the podcast I mentioned the new Board Manual for homeschool organizations. I think you’ll find it helpful to organize your board and run your homeschool organization successfully!

Read more about the Homeschool Organization Board Manual

 

Carol Topp, CPA

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Keep your homeschool organization’s important papers in a board binder

 

Can you find your homeschool organization’s bylaws or organizing documents quickly?

Nonprofit leaders should keep their organization’s important papers in a binder.

This short podcast episode (15 minutes) from Carol Topp, the HomeschoolCPA, will discuss what important papers need to be in your board binder.


 

In the podcast I mentioned the new Board Manual for homeschool organizations. I think you’ll find it helpful to organize your board and run your homeschool organization successfully!

Read more about the Homeschool Organization Board Manual

 

Carol Topp, CPA

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