09/19/2022 Board Meeting

Time: 7:00pm ET Location: Zoom Attendees: Joe Kim, David Choi, Harold Morales, Joe Stilin

1. Taxes 2. Voting for Board Members 3. Members and Policy Document 4. Bylaws

Harold has all Federal tax returns for 2015 - 2021.
Approximate Net operating per year:
2015: -$60k
2016: -$40k
2017: -$10k
2018: $2k
2019: -$13k
2020: $1k
2021: $15k
We are currently making about $2k of profit per month, and on track to make more per month.
Side note: September 2022 has been the most canceling members ever. We are at 93 members.
Harold estimates it will take about 18 months to get $100k in the bank at current conditions.
While rent will be $6500 next year, we could currently afford $8k rent if we needed to.
CPA fees will be $3500 for these seven years (before a discount is applied)
For Federal we owe nothing.
For State taxes if we filed as a local Charity, we would be liable for no State Taxes.
If we filed as a for-profit we would be liable for $1,127 for State taxes. We will have to pay late fees as well.
We will file taxes as a Not-For-Profit for NYS.
We're blocked on State - we need a local tax attorney with not-for-profit experience.

[VOTE TO FILE 2015 - 2021 FEDERAL TAXES USING CPA]