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Kings Park West Civic Association keeps fiscal year, Treasurer reports $67,000 on hand and overdue tax filings
Summary
The Kings Park West Civic Association board kept its fiscal year (Oct. 1–Sept. 30), heard a Treasurer’s report that the association holds about $45,000 in a CD and $22,000 in checking, and learned tax filings for 2022–23 and 2023–24 are pending preparation.
The Kings Park West Civic Association board on Oct. 15 voted to keep the association’s fiscal year running Oct. 1 through Sept. 30 after a Treasurer’s report on the group’s finances.
The Treasurer told the board that the association holds $45,000 in a certificate of deposit and roughly $22,000 in a checking account linked to PayPal, and that there is no formal reserve requirement. The Treasurer also said the association is currently behind on tax filings; a tax preparer is working first on the 2022–23 return and will then move on to 2023–24.
To simplify accounting, the Treasurer proposed relying on the membership team’s tracking for donation details rather than maintaining separate QuickBooks line items for every extra donation. The Treasurer also floated pursuing a different online payment vehicle to reduce processing fees.
No formal motions or votes beyond maintaining the fiscal-year schedule were recorded in the minutes. Next steps noted in the meeting record include completion of the outstanding tax returns by the preparer and informal follow-up on payment-processing options.
