<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto">Thanks Doyle:<div><br></div><div><br></div><div>Let\u2019s check what the C&B says and follow suit.</div><div><br></div><div>The C&B says the Secretary and Treasurer \u201cshall be compensated\u201d as the BOD deems necessary.\u201d</div><div><br></div><div>Best</div><div><br></div><div>W<br><br><div dir="ltr">Whitney Weller</div><div dir="ltr"><br><blockquote type="cite">On Jul 30, 2022, at 7:35 PM, treasurer@portsmouthyc.org wrote:<br><br></blockquote></div><blockquote type="cite"><div dir="ltr">\ufeff<meta http-equiv="Content-Type" content="text/html; charset=us-ascii"><meta name="Generator" content="Microsoft Word 15 (filtered medium)"><style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:"Lucida Calligraphy";
panose-1:3 1 1 1 1 1 1 1 1 1;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri",sans-serif;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--><div class="WordSection1"><p class="MsoNormal">Whit \u2013<o:p></o:p></p><p class="MsoNormal">There is a problem in the recent Newsletter with the way you worded the benefits given to the Secretary, Treasurer, and Communications Officer. These are not paid positions as are the Steward and dockhands whose salaries, wages and tips are reported to the IRS as taxable income. The IRS is very particular about how certain words are used, and the word \u201ccompensated\u201d is one of them. Those three officer positions are NOT compensated, nor are they paid. To publicly say they are either compensated or paid opens a can of worms with the IRS that we definitely do not want to get into. The IRS interprets the words \u201ccompensated\u201d and \u201cpaid\u201d to mean \u201ctaxable income\u201d. I realize that you have probably not had to deal much with the IRS and that the wording you used was not intended to cause trouble, but it needs to be restated:<o:p></o:p></p><p class="MsoNormal"><o:p> </o:p></p><p class="MsoNormal"><i>The Secretary, Treasurer and Communications Officer are volunteer positions filled by club members. In appreciation of their service, their dues are waived. They are also given a stipend, the amount of which is determined by the Board of Directors, to reimburse the various and sundry expenses they incur in fulfilling their duties. <o:p></o:p></i></p><p class="MsoNormal"><o:p> </o:p></p><p class="MsoNormal">Please modify the newsletter immediately to reflect proper wording. <o:p></o:p></p><p class="MsoNormal"><o:p> </o:p></p><p class="MsoNormal">Thank you,<o:p></o:p></p><p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Lucida Calligraphy"">Doyle Skeels, Treasurer<o:p></o:p></span></b></p><p class="MsoNormal">Portsmouth Yacht Club<o:p></o:p></p><p class="MsoNormal">(603) 661-6269<o:p></o:p></p><p class="MsoNormal"><a href="mailto:treasurer@portsmouthyc.org">treasurer@portsmouthyc.org</a> <o:p></o:p></p><p class="MsoNormal"><o:p> </o:p></p></div></div></blockquote></div></body></html>