Following is a transcript of this podcast episode, with audio/video below.
Welcome to the Two-Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel with MoneyMinder where our goal is to make your life as a volunteer way easier.
Rob writes: Our group is set up with a tax year that is awkward for us. Is it possible to change it? And if so, how?
The short answer is, yes, it’s possible to change your financial year. It requires a few steps. First, you would need to talk to your membership and board and make an amendment to your bylaws. This requires a vote.
Once that’s done, you need to submit those amendments to your Secretary of State. And then once that have been accepted by the State, you then need to fill out Form 1128 with the IRS, if you are tax exempt.
It’s not really as bad as it sounds on the surface. But it is quite a process and does take some time and legwork. Be sure to plan for that.
That’s it! Thanks for listening! If you have a question you’d like answered, just email it to me at [email protected] My name is Cyndi Meuchel and this is your Two-Minute Treasurer’s Tip for today.