Schooner Group, Inc

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Thursday, August 19, 2010

The IRS recently released an updated List of Organizations that are not compliant with filing an Annual Return of Exempt Organizations with the Internal Revenue Service.  Pursuant to IRS requirements listed in the Pension Protection Act of 2006, 501c organizations are required to file an Annual Return of Exempt Organizations, referred to as Form 990, by the 15th of the 5th month after the closing of the fiscal year.  The failure to submit this form for three consecutive years has resulted in the revocation of these organizations 501c status.

Implications to the loss of the Tax Exempt Status by Non-Profits may include –s        The Non-Profit may have to pay taxes on surplus revenues.s        The Non-Profit may have to pay taxes on Capital Gains on Investments.s        The Non-Profit may have to pay taxes on owned Real Estate.s        The Non-Profit may have to pay sales tax on goods and services purchased.s        By having to pay taxes, Non-Profits have reduced revenues to support their mission.s        The Non-Profit may lose grants and donations because of donor restriction to only provide funding to 501c3 organizations.s        Donations made by donors may not be tax deductible. Organizations that have had their Tax Exempt Status revoked must now file a Form 1024S to regain their exempt status.   If you are involved with any Non-Profit organizations, now would be a good time to ensure that their tax exempt status is in force.  Please feel free to contact Schooner Group to see if a Non-Profit you know of is on the current list.  We have assisted several Non-Profits complete and submit the Form 1024S and develop processes to file Forms 990N and Form 990 to comply with this annual IRS requirement. 
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Arthur F Sullivan, III, Founder and President of Schooner Group, brings over 20 years of municipal and management experience working in various size municipalities in Massachusetts and Rhode Island as well as management experience in the private sector.

Arthur is a certified Six Sigma Black Belt. Arthur is a graduate of Providence College with a Bachelor of Arts in Political Science and earned a Masters in Public Policy from Tufts University.

During the course of his career, Arthur has made improvements to operations processes that have resulted in substantial revenue savings and over 15% annual growth in sales and revenues. Arthur implemented fiscal accountability, process improvements and workload analysis resulting in realized efficiencies across all business units.

Some accomplishments include:


σ Asssisted a production company with improving yields, thereby reducing costs and increasing the margins on each item produced and sold. 

σ Reviewed the Cashflow for a restaurant.  Made several recommendations to reduce expenses and improve longterm cashflow. 

σ A small service company reduced vehicle expenses and overtime by installing a vehicle routing and tracking system.  The routes traveled we optimized for traveling efficiency and effectiveness.


σ Asssisted a property management company with improving the tracking and billing of Common Area Maintenance fees for commercial tenents, thereby reducing costs to the comapny and increasing the margins on each property. 



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Schooner Group, Inc.

17 Moffatt Road
Salem, MA 01970
978 594-5079