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New Year Duties by Kai Aiyetoro January, 2004 The year has ended and 2004 begins, so it's time to start the New Year with new goals and aspirations. Now is the time to purge unused files, start new journals and ledgers, and store important files for easy access--if your fiscal year is on the calendar year, that is. Many fiscal years are January 1 through December 31; others are May 1 through April 30, June 1 through May 31, or October 1 through September 30--you can have any combination of 12 months. Consult your accountant as to when it would be best for your organization to close its books. After this decision is made, you will use these dates year after year. Most businesses are required to keep financial files up to eight years (you should check with your accountant on which records you should keep), and the FCC requires LPFM stations to keep all logs and political broadcasting files for two years. Applications should stay on file until final FCC action is taken; documents such as your certification of renewal announcements should stay on file until the final FCC action on the renewal application. Any FCC investigation and complaint materials should stay on file until the FCC notifies you in writing that the material may be discarded. There are many other areas that need attention even if your fiscal year is not December 31. Your payroll year will end and all paid staff and consultants will need to receive W-2 and 1099 forms by January 31st. This is also a good time to do personnel reviews (board of directors, volunteers and paid staff) and renew volunteer contracts. Make this a habit so that program ownership issues do not arise in the future. Take a look at the accomplishments that your station has achieved throughout the year, and prepare a chart of those milestones. This type of chart is very valuable when preparing promotional materials for the station (and also when applying for grants). Your listeners, volunteers and staff should also be made aware of the good work the station is doing throughout the year, so you might want to publish these milestones in your January newsletter. It is also a good time to reach out to those who have supported you throughout the year. The IRS requires you to acknowledge donors that have donated an accumulated amount of $250 or more over the year. You must let them know the amount associated with any premiums they may have received for their donation which are not tax deductible. Acknowledge loyalty to the station by sending holiday cards, emails and letters of appreciation to volunteers, staff, board of directors, underwriters, and contributors. You might even want to develop an on-air promotion to thank your listeners for their support and wish them a successful new year. With this said, have a wonderful, prosperous New Year, and remember that your stations are the lifelines of local communication throughout the country. Celebrate! For sample templates on volunteer contracts, board and staff
evaluations, see the NFCB website at www.nfcb.org
under LPFM Project. Kai Aiyetoro
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