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TOSCA 501(c)(7) Corporation

posted Oct 9, 2014, 5:36 PM by Tartan-Owners Southern California   [ updated Jan 26, 2015, 10:39 PM ]
TOSCA is now officially a 501(c)(7) Corporation.  

We finally received our Federal Exempt organization approving our status as a 501(c)(7) corporation and our tax-exempt status with the state.

The benefits of the corporation are many,
  • Indemnify the board of directors and officers
  • Purchase insurance, if needed
  • Manage the club finances through bank, checking account
Per the Tartan Owners of Southern California ByLaws of the Corporation, there are two classes of membership,
  • Regular - Own a Tartan and have voting rights
  • Associate - Don't own a Tartan and continue to participate in the group (e.g., former Tartan owners)
TOSCA is governed by a Board of Directors.  For 2014, the board was: Don McLennan, Patty Conner and Keith Fullenwider. 

The day-to-day operations is managed by Officers of the Corporation.  For 2014, 
  • Don McLennan President
  • Frank Conner Secretary
  • Patty Conner Chief Financial Officer
Operationally, TOSCA now needs to have an annual election for the Board of Directors.  This process is outlined,
  • Board appoints nomination committee, who has 30 days to nominate candidates for the board
  • 15 days prior to the election, present the candidates to the membership
  • Membership votes at the annual meeting -or- via a written ballot
  • Board then assigns officers of the corporation
During the January 2015 dinner, the nomination committee nominated Don McLennan, Frank Conner and Keith Fullenwider for the 2015 board..

This is great news for our organization as it validates our tax status and allows us to open a corporate checking account.  Much thanks to the TOSCA directors for their efforts to make this happen!