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2013 ALA Annual Treasure's Report
6/27/2013
Sarah Dahlen, Reforma Treasurer
Thursday, June 27, 2013
by: Sarah Dahlen, Reforma Treasurer

Section: News Articles



June 2013

Account Balances on June 27, 2013
 

General Accounts Scholarship Account Pura Belpre Account Noche de Cuentos Account Total
$25,899 $5,266 $2,444 $873 $34,482
 
 
  • Chapter reimbursements: Chapters were reimbursed for their 2/3 of membership dues paid through the AMS for the period of November 1, 2012 to April 30, 2013. Chapters were required to complete a survey with the necessary information allowing payment to be processed. The following chapters have not yet completed the survey and their payments have not been processed (as of 6/24/13): CA Gold, Colorado, Northwest.

  

  • IRS: All forms were submitted to Ayala and Associates (our tax accountants) this winter for preparation and submission to the IRS. We all believe that we have been filling out the IRS paperwork properly to include chapters as subordinates under our tax exempt status. Despite this, many chapters received a notice of revocation of tax exempt status this year. We are waiting for a report from Ayala and Associates about our status.

 

  • Scholarships: The Foundation has taken over primary responsibility for raising money for scholarships. REFORMA continues to provide an option to donate to the scholarship fund when members renew their membership through the AMS. Should we continue doing this, or designate another use for future AMS donations (e.g. Emerging Leaders sponsorship)? Maybe continue with the status quo until the Foundation is further along in their fundraising?

 

  • Financial situation: As noted at the Midwinter meetings, REFORMA’s financial situation is poor. Our expenditures have consistently outpaced our income, and this pattern can not be sustained. Over the past year, our monthly expenditures have exceeded our income by an average of $2,273. At this rate, the organization will be insolvent by August 2014.

 
 
Submitted by Sarah Dahlen, Treasurer



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