chuckles11
Junior Member
What is the name of your state (New Mexico)
THE IRS STATES THAT MONEY CAN BE RETURNED TO MEMBERS IN PROPORTION TO AMOUNTS PAID = NON INUREMENT. SO, THEY ARE NOT A PROBLEM. THE PROBLEM IS WITH THE STATE OF NEW MEXICO. NO MONEY WAS EVER DONATED BY ANYONE EXCEPT MEMBERS BY DUES AND DONATIONS. NEW MEXICO STATE HAS RECEIVED TAX PAYMENTS ON ALL MONEY DONATED, INCLUDING DUES. DOES THE NEW MEXICO NON PROFIT CORPORATION ACT (CHAPTER 53, ARTICLE 8 NMSA 1978) APPLY TO OUR FUND DISBURSEMENT? WE WERE HOPING TO RETURN THE MONEY TO THE MEMBERS. OUR NONPROFIT STATUS IS 501(C)(6).
THE IRS STATES THAT MONEY CAN BE RETURNED TO MEMBERS IN PROPORTION TO AMOUNTS PAID = NON INUREMENT. SO, THEY ARE NOT A PROBLEM. THE PROBLEM IS WITH THE STATE OF NEW MEXICO. NO MONEY WAS EVER DONATED BY ANYONE EXCEPT MEMBERS BY DUES AND DONATIONS. NEW MEXICO STATE HAS RECEIVED TAX PAYMENTS ON ALL MONEY DONATED, INCLUDING DUES. DOES THE NEW MEXICO NON PROFIT CORPORATION ACT (CHAPTER 53, ARTICLE 8 NMSA 1978) APPLY TO OUR FUND DISBURSEMENT? WE WERE HOPING TO RETURN THE MONEY TO THE MEMBERS. OUR NONPROFIT STATUS IS 501(C)(6).