Best means of setting up non-profit group?

A

andagda

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Hi all,

I'm organising a yearly conference, and would like to keep all income/expenses relating to the conference entirely separate from my own finances.

The conference is completely non-profit, however it will have money coming in through ticket sales, and money going out for publicity, facilities etc.

I've asked various people about the best way to approach this, but no-one seems to know, including my bank. Most people have told me to just put it in with my own accounts as a sole trader. However I'm trying to keep the accounts for the conference completely separate from my own as I want to make sure there is no possibility of confusion when it comes to tax issues, or funding issues if I am able to get outside financial assistance for the conference. Ideally I would like to set up some separate legal entity just for the conference.

Does anyone have advice on the best framework for this? What do clubs and societies normally do? If they are completely informal affairs (as I have been told) then how do they handle tax every year?

Thanks!
 
Hi
Is there anyone else involved in the conference with you?
If so register a business name with the CRO ABC Conference and open a bank account in that name lodge all money to this account. You are right to keep it seperate to your own accounts. Most not for profit groups do not make tax returns.
 
Agreed. The bank should open an account for you as andanga trading as Sunny Conferences.

But don't go setting up a separate limited company as it will be an administrative headache, unless it's a huge conference.

Brendan
 
Thanks for the advice. Ideally I would like to keep it even more separate than a 'trading as' connected with my own name. I've been told to form a committee, however from what I can this is just an informal group of people without a legal identity.

The bank have told me they can open an account for a committee, but they cannot put a 'trading as' with it, which means that people paying for the conference will have to make out cheques personally to one of the signatories of the account, which would seem unprofessional I think.

And then there is the question of tax at the end of the year. Let's say (highly unlikely) there's money in the account at the end of the year, which will be used to make the next conference even bigger and better. Would there be a tax liability on this 'profit' (for want of a better word)?

Thanks again,
andagda
 
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