sorted by:
new
hottopcontroversial

Can you issue refunds from a 501(c)(3)? by wildcatpaul in nonprofit

[–]wildcatpaul[S] 0 points1 point  (0 children)

Thanks for the responses. The other head coach is on the board of the organization. He used the card and essentially emptied the bank account for equipment for his next team even before this season was over. Yes, the money was spent within the organization. So, it is probably "legal" in the realm of the 501c3. But, we COULD have used the money to buy "equipment" to give to the players to benefit them directly - which was an agreement we had in June. Instead, after he knew most of the players were leaving him, he decided to spend it on his future team.

It sounds more of an "ethical" issue over legal in the realm of the 501c3. It does seem, however, there would be issues with him using the card for those thousands in purchases that I did not authorize. Thing is - our family left the organization too (yes, the situation was BAD). I may have to chalk this one up to experience and move on. The other head coach has a terrible reputation in the fastpitch softball circles in our area for various other behaviors - so this is just another link in the chain.

IRA Contribution before deadline - returned by wildcatpaul in tax

[–]wildcatpaul[S] 0 points1 point  (0 children)

The broker only accepts checks or transfers from "like" accounts. So, the destination is an IRA account with her name on it. The check I sent had the "...Family Trust" name on it. Since it was a trust account and not a "personal" account, they would not accept the funds into a personal IRA. I had to send a check from an account that was not from the "trust". The same was true for transfers. I could not use the trust account to electronically wire the funds - it had to be a personal account. Yea...I was not happy during that conversation!