NCA’s Longest Standing Corporate Partner Begins its 11th Year with the Association The National Club Association (NCA) is excited to announce that Condon O’Meara McGinty & Donnelly LLP (COMD) has renewed its commitment to NCA’s Corporate Partner Program as an Executive Partner, continuing its relationship
With the coronavirus pandemic and the adverse impact of the pandemic on clubs, many clubs are giving thought as to whether tax-exempt status, which limits the amount of nonmember business that a club may receive, is worthwhile to maintain. This question also was discussed after
Membership in a club is comprised of a series of separate and distinct transactions between the club and the member during the time the individual is a member. These transactions include initiation fees, annual dues, assessments and charges for usage. The Financial Accounting Standards Board
The National Club Association (NCA) is thrilled to announce that Condon O’Meara McGinty & Donnelly LLP (COMD) has renewed its commitment to NCA’s Corporate Partner Program as an Executive Partner, extending its status as NCA’s longest serving corporate partner. For more than a decade, NCA
The Internal Revenue Service (IRS) recently provided clubs with insight to the IRS’s analysis regarding whether an activity is the active conduct of business not traditionally carried by tax-exempt clubs. A club must be vigilant regarding the identification of nontraditional business activities because such activities do not
As coronavirus radically disrupted club operations, the first reactions from clubs were the health and safety of its staff and members. Based on state and federal orders, clubs closed their doors and have been working resiliently behind the scenes to prepare for reopening. Unfortunately, the
The following may be used as a quick barometer to evaluate your club’s financial health: Maintain at least a break-even working capital. (e.g., current assets less current liabilities). Most clubs do not have large cash reserves. The reason is that clubs generally operate on a “break
Q How does a club find the best board candidates? Are there best practices for board succession planning? A Most public companies and many large nonprofit organizations have an almost unlimited pool of potential candidates to fill open board positions. However, private clubs by their very nature
The Internal Revenue Service (IRS) has released Interim Guidance with respect to the business expense deduction for meals and entertainment in the aftermath of the Tax Cuts and Jobs Act (the Act), an Act which significantly reduced deductions for expenses related to entertainment, amusement and
COMPUTING the unrelated business income tax of tax-exempt organizations, including social clubs, has become increasingly complex. Simply stated, among other things, the recently enacted Tax Cuts and Jobs Act (Public Law 115-97) (the Act) provides that losses from one unrelated trade or business may not be