Financial Summary

Overview

The Thomas Tolman Family Organization is a non-profit 501c3 entity. There are no paid officers or staff. The organization meets its goals and supporting objectives through voluntary donations of time and financial means.

Endowment

The organization has a small endowment that was established in 2016 from a portion of the proceeds from the sale of the Thomas Tolman Family Genealogy Center. The endowment helps cover the operating costs of the organization not otherwise covered through donations.

Dues versus Donations

From the early years of the organization through 2015, along with donations of time and means, members paid annual dues to help cover the costs of quarterly publications and other expenses. Beginning in 2016, annual dues are no longer required for membership. The organization operates based on the generous donations of time and financial means. Members can submit proposals to the Executive Board to establish a donation objective as indicated in the by-laws. Proposals are formally discussed and considered during quarterly meetings of the Executive Board.

Annual Audits

The organization orders an independent audit of all financial records on a regular basis. The organization’s treasurer follows standard accounting practices to account for all donations, publication sales, and operating expenses.

2017 Financial Summary (Will be provided by April 2018)

Total Income

  • Family Store Sales-TBD
  • Donation Totals-TBD
  • Total Donors: TBD

Total Expenditures

  • Operating Costs-TBD
  • Donation to Bountiful Museum including Tolman Exhibit-TBD
  • Grave Marker for Benjamin Tolman-TBD

Note: Operating costs include website hosting and maintenance, website backup service, file storage, audit fees, annual Form 990 filing with IRS, and State 501c3 annual business fee, publication expenses, etc.

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