General Financial Information

1. SLA is a non-profit corporation as defined in the IRS Code under section 501 (c)(3), organized under the laws of the State of New York. Although SLA is a non-profit organization, SLA can still make a profit. The only restriction is that SLA cannot distribute excess earnings to individuals. Articles of Incorporation may be obtained by contacting SLA Headquarters.

2. The SLA Federal Employer Identification Number (FEIN) is 13-5404745. The headquarters and units operate as one entity. Use this number to identify the Chapter or Division when requested. This number is most commonly used when opening a bank account, obtaining a mail permit, or completing a form W-9.

3. Chapters and Divisions may only invest in principal-protected instruments (cash, money markets, Treasury bills, CDs, etc.).

4. All bank accounts must be established in the name of the unit and SLA. Example: "Special Libraries Association, XYZ Unit." The order in the title is important as the banks cross-reference the FEIN to the organization name which is Special Libraries Association.

5. All bank accounts must be established with at least two signatories, not necessarily requiring two signatures for transactions.

6. Get to know your banker. Having an established relationship can prove beneficial when you encounter a problem or need a favor. Also you can negotiate fees more productively when you know the bank representatives.

7. Only SLA headquarters is authorized to file reports to Federal, State, or Local authorities.

8. SLA pays income tax on Unrelated Business Income. Examples: bulletin advertising and mailing list service income. SLA will pay any tax due from a Chapter or Division; the unit will then be billed for such amount.

9. Ten states (DC, FL, IN, MA, NJ, NY, TN, TX, WI, NM) have granted SLA a tax exemption certificate for state sales tax. All tax exemption forms can be obtained from the fax-on-demand system by dialing 1-888-411-2856 in the US or Canada or 1-415-278-3910 from other countries..

10. Contracts in excess of $5,000.00 must be signed by the Deputy Executive Director. Please contact Nancy Sansalone for information.

11. The Chapter or Division may not commit any funds that are not in the current reserves.

12. All financial records must be kept for a minimum of seven years. Please refer to the Unit Treasurer Policy and Procedure Manual for a detailed record retention schedule.

13. All contributions received in excess of $250.00 must be recognized in writing (see sample letter).

14. The current allotment from membership dues is:  

Chapters $14.40 per Chapter Member at the fiscal year end. (The minimum allotment is $1,125.00)  

Divisions $12.00 per Division member at the fiscal year end. (The minimum allotment is $1,125.00)  

The Annual Membership Dues Allotments are issued only after the prior year's Annual Financial Statements and Annual Reports have been accurately completed and approved.  

15. Chapters and Divisions may request funds in excess of unit allotments from Headquarters for special projects or programs. However, requests are seldom approved as the annual allotments are to fund unit activities. The budget process begins in July for the upcoming fiscal year. All budget requests must be made in writing by July 31st to be considered. Alternatives to requesting funds from Headquarters include: joint projects with divisions, corporate sponsorships, and applying for a Special Programs grant.

16. All payments to individuals (i.e.: course instructors, speakers, designers, typesetters) must be reported to the Association headquarters no later than January 15th, so that 1099's can be issued. The report must include 1) name, 2) address, 3) social security number or taxpayer identification number, 4) amount paid, and 5) nature of payment (i.e. honoraria, scholarship, etc.)

17. Taxpayer identification numbers should be on file for any person or entity to whom payment has been issued, regardless of amount. Please use Federal Form W-9 to obtain this information.