Why Troop Financial Reports Matter

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Do you ever wonder why we collect all this end of the year paperwork?   Do you believe it is like some of your term papers in college and wonder if someone really read this?   With the enactment of the Sarbanes-Oxley Act, there were many changes made by the IRS to not-for-profit reporting for tax purposes.   

Each year, we file a voluminous tax return that comes right from our audit, and last year, we were asked to voluntarily provide troop account information to our auditors.   This happened at the last minute, just as you were getting started in the fall.   After a voluntary request, we received about a 10 percent response with your troop account information.   Thanks to those of you in that 10 percent, we appreciate it.  

This year this information will be required by the IRS and our auditors.   You ask yourself, why is it any of our business?   Essentially, each troop account operates under one tax ID number, which is assigned to our council, as a whole.   The council and the hundreds of troop accounts in this council all use the same IRS tax identification number.   All of that information is now required to be reported in our financials and our audit.   To assist in this process, our volunteer services team has created a Google form that you can fill out and submit.   If you do this in a timely fashion, we will give you a small credit in the council shop.  

Other councils are moving to an easier way for everyone to operate where individual troop accounts are authorized only by the council through a master agreement with the bank.   As we work to comply with the laws Congress lays out for us, we will work on ways to make it easier for you to provide what is necessary for us to continue to operate as a recognized not-for-profit.   

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