Class37LeadershipBrownsville

10/31/2024

How Taxation Works for Fund Raising Event

Types of Brunches
1. Donation Brunches: These are fundraisers where all the money collected goes directly to a nonprofit organization.
2. Personal Brunches: These events are organized to generate income for personal expenses, such as costumes or other personal needs.

1. Donation Brunch (Proceeds Donated to Charity)
- Direct Donations:
- How It Works: our LLC donates the money directly to a nonprofit. This simplifies the process and lets you deduct the donation as an expense, reducing your LLC’s taxable income.
- Limitation: You can only take the deduction in the year the donation is made, and certain IRS rules may limit how much you can deduct.

- Donor-Advised Fund (DAF):
- How It Works: Your LLC donates to a DAF for an immediate tax deduction, but you can choose charities to support later. This allows you flexibility in distributing donations over time.
- Extra Benefits: Funds in a DAF can grow tax-free, offering potential future benefits.
- Consideration: There are maintenance fees for the DAF.

Sales Tax for Donation Brunch:
- The LLC must collect and remit sales tax on ticket sales, food, or other taxable items, even if proceeds are donated.

2. Personal Brunch (Proceeds Kept by the LLC)
- Direct Donations:
- Not Applicable Here: Since proceeds are kept for personal or business expenses, the donation aspect doesn’t apply. Instead, the income is considered business revenue for the LLC.
- DAF:
- Optional for Future Giving: If you want to set aside funds for future charitable donations, your LLC could contribute to a DAF. However, in this scenario, it’s more common to manage income as business revenue and consider donations later.

Sales Tax for Personal Brunch:
- The same sales tax rules apply as in the donation scenario: the LLC must collect and remit sales tax on any taxable items or services sold at the event.

Conclusion:
- Direct Donations and DAFs: Both are valid options for an LLC, whether donating brunch proceeds or planning future charitable giving from business revenue.
- Sales Tax Obligation: Applies to both scenarios equally when selling tickets, food, or goods.


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09/13/2024

What Other Investments You Should Consider

Alternative assets refer to investments that fall outside the traditional categories of stocks, bonds, and cash. These assets are often less liquid, meaning they can't easily be converted to cash, and they may involve more complex strategies for value appreciation. Some common types of alternative assets include:

1. Real estate – Includes commercial properties, residential properties, and land.

2. Private equity – Investments in private companies, typically through venture capital or buyout funds.

3. Hedge funds – Pooled investment funds that use various strategies to earn returns for investors.

4. Commodities – Physical goods such as gold, oil, or agricultural products.

5. Cryptocurrencies – Digital or virtual currencies, such as Bitcoin or Ethereum.

6. Collectibles – Tangible items like art, antiques, w**e, or rare stamps.

7. Infrastructure – Investments in essential public services like transportation, utilities, and telecommunications.

8. Venture capital – Financing for startups and small businesses with high growth potential.

These assets are often used to diversify a portfolio, offering potential returns that are less correlated with traditional asset classes. However, they can also carry higher risks and may require specialized knowledge to invest successfully.

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05/28/2022

Congratulations Class 37!!! We did!!!

05/27/2022

Hope everyone is having a great week! Just a reminder, we’re having a Father’s Day raffle with great prizes! All proceeds will go towards renovations for our union hall. Tickets will be $10 each, sold via Cashapp and in person. PLEASE put your name and phone number on the note section of cashapp. The drawing will be held on June 13th,2022 on Facebook live at 7pm. If you win, we will give you a call shortly after. Again, don’t forget to put your name and number in the note section.
Cashapp: $bffalocal970

Prizes are as follows:

1. LG 55inch 4K Smart Tv
2. AKORN Kamado Charcoal Grill
3. Permasteel 80 Quart cooler
4. Samsung MXT40 Sound Tower
5. Grilling Apron (Made out of firefighter turnout gear)/academy giftcard

05/25/2022

Join us at our 1st Annual Good Neighbor Settlement House Fashion Show featuring women of our community and top fashion designers! We are extremely excited to share this amazing experience with the community and welcome your participation in support of Good Neighbor Settlement House. For tickets call (956) 542-2368.

05/24/2022

The Totally Awesome 80's Prom is ONLY 3 days away.
You are not going to want to miss it!

Join us Friday May 27th at 7pm at Marine Military Academy for an event befitting CASA. It will be a night of dancing, catering by Ricardo's and open bar 🍸

Get your tickets to our 80’s Prom event at https://casa80sprom.eventbrite.com/ or call our office (956)546-6545 for more information.

05/23/2022

🚨🚨🚨

🗣Tenemos nuestro nuevo menú de banquete disponible. 👩🏽‍🍳

🔸Cotiza con nosotros para tu próximo evento🎉

🔸Tenemos fechas disponibles📆

05/19/2022

🗣🗣🗣 If you or anyone you know is interested in joining the FOW, Inc. Team, please share this with them. Thank you!

05/16/2022

We did it Class 37 ❤️