Responsibilites of the LLF Board

President

In addition to and in accordance with the duties delineated in the Code of Regulations, the President serves as the top-level liaison between NASA Glenn and LLF. For example, when the Space Act Agreement needs to be renewed (which occurs every five years), the President negotiates on behalf of LLF with NASA Glenn.

Vice President

In accordance with the Code of Regulations, the Vice President shall assist the President in fulfilling the President's responsibilities. In the event that the President is unable to carry out his/her duties for an extended time period, the Vice President shall have the right to act as President.

Secretary

In accordance with the Code of Regulations, the Secretary acts as the "voice" for the corporation, including keeping minutes at all meetings and sending out notices to the Trustees and/or members, as appropriate. The Secretary also acts as the bookkeeper for the corporation, creating, maintaining, and organizing a permanent paper record of all minutes of all meetings of the Board and any committee established by the Board. The Secretary will organize the annual General Membership meeting, and obtain any departing board members official LLF records.

Treasurer

The role of the Treasurer has changed as the corporation has grown and matured. Originally, the Treasurer maintained all financial records, received tuition payments, and issued checks to pay bills and for payroll. Today, all of these duties are performed by LLF staff, with the Treasurer serving in an oversight role. The current duties of the Treasurer include:

• • Monthly Bank Statement Reconciliation - It is recommended that the individuals who issue checks do not also reconcile the bank account. Hence, LLF staff does not perform the monthly back account reconciliation; this task is performed by the Treasurer. Currently, LLF utilizes the popular QuickBooks accounting software. With QuickBooks, account reconciliation is not difficult, taking perhaps 20 minutes once a month.

  • Payroll Taxes & Forms - Ahola is the LLF payroll processor, and they process withholding for Federal, State, and local payroll taxes, as well as Ohio unemployment taxes (OBES). "Process" means Ahola withholds the proper amounts, disburses these funds to the proper taxing authority, and files the appropriate forms with the appropriate taxing authority. Ahola also prepares the annual W-2 forms for employees and sends copies to IRS and the State of Ohio. There is one payroll-related tax which Ahola does not handle Ð Workers Compensation (they do not process Workers Comp due to Ohio law which prohibits 3rd party payments to Workers Comp). Workers Comp premiums are due twice a year: for January - June payroll and July - December payroll. The premiums are based on workers' wages, with two different rates. One rate is for kitchen employees, and the other rate is for all other employees. Ahola prepares a report for the relevant period with wages split between kitchen employees and all others. LLF staff uses this report to calculate the Workers Comp premium. The Treasurer reviews the staff computation & signs the Workers Comp form.

  • IRS 1099-MISC - LLF must prepare 1099's for certain non-employees, such as the cleaners (who are independent contractors). The Treasurer may either obtain the 1099 forms (such as through Office Max) and print them in QuickBooks, or provide the data to the LLF accountant who can prepare the 1099's and return them to LLF for distribution.

  • IRS Form 990 - All non-profit organizations are required to file an annual 990 information return with the IRS. Note that this form is public information - anyone may request copies of the LLF 990 return from either LLF or from the IRS. There are penalties for non- compliance with these rules. In the distant past, LLF paid a CPA to prepare the annual 990. More recently the LLF Treasurer has prepared the 990.

  • IRS Form 5500 was filed annually until calendar year 2000. This form was required due to the "cafeteria" benefits (i.e., the health insurance we offer employees). The form appears to be daunting due to its size, but LLF was only required to respond to a slim portion of the form. LLF staff were trained to prepare the 5500; the Treasurer simply reviewed the form before it was filed with the IRS. Per a phone conversation with the Department of Labor in 2002, the IRS suspended the requirement to file Schedule F for the 5500 in April, 2002. The filing suspension applied to all plan years, including years prior to 2001. In the conversation DOL asked about the number of employees at LLF, and stated that due to our size we are no longer required to file the base 5500 form. An IRS news bulletin press release dated April 4, 2002 confirmed the suspension for Schedule F but stated it does not "relieve administrators of employee benefit plans from any obligation to file a Form 5500." Thus, 5500s have not been filed for calendar year 2001 (or subsequent years) for LLF.