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To:	All Beta Alpha Psi Faculty Advisors, Co-Advisors and Chapter Officers
From:	The Executive Office of Beta Alpha Psi
Date:	Tuesday, May 5, 2009
Subject:	End of Year Report - Faculty Sign Off

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Dear Faculty Advisors,

June 1st is the deadline for all Chapter Reporting.

Please make sure to take the necessary time to complete the Faculty Advisor Sign Off portion of the End-of-Year Report by completing the steps below:

1. Reviewing all Financial Statements
   1. Financial Position
   2. Statement of Activities
2. Tax Information
   a.
   1. If your chapter’s average revenue for the past three years is less than $25,000 please remember that you are required by the IRS to fill out the IRS e-Postcard on the IRS website.
      1. FA Sign Off Screen Step # 2B: You must fill this out and enter the confirmation number in the confirmation field on the Faculty Sign Off screen. You must complete this step.
   2. If your chapter’s average revenue was $25,000 or more over the past three years, you must fill out and upload the 2008 990 Form.
      1. Chapters filing Form 990
   During the past year, the IRS issued a new Form 990 that is much longer and detailed than the old one. Please don’t wait until the last minute to complete your tax form! There is plenty of guidance in the instructions on the IRS Website www.irs.gov. Click on the button “Charities & Non-Profits” at the top of the home page and look for the “Form” button on the left side.
   
   Before getting started, please read Appendix B on page 57 of the instructions to verify that your chapter passes the “$25,000 Gross Receipts Test”. If not, then please file the 990-N (e-postcard). If you are filing the 990, your chapter is part of a Group Return; read Appendix E about Group Returns.
   
   Read through the “Checklist of Required Schedules” on page 3 of the tax return. Only a few of them should be required. You will have to complete the first two pages and Parts VIII, IX, and X at a minimum. Some chapters may need Schedule D which you will find (with instructions) on the IRS Website www.irs.gov.
   
   In any event, if your chapter received more than $5,000 from one donor, please include this information, with the name of the donor(s) when submitting the 990.

If you have any questions please feel free to contact the Executive Office.

Thanks and regards,
The Executive Office

Beta Alpha Psi
The Nancy Harke Executive Office
220 Leigh Farm Road | Durham, NC
Phone: (919) 402-4044
E-mail: bap@bap.org