FINANCIAL REPORTING REQUIREMENTS
EXCERPTED FROM THE USA SWIMMING RULE BOOK
LSC REPORTING REQUIREMENTS
509.1 Required LSC Bylaws — Each LSC, in accordance with its Bylaws, which are based on the “Required LSC Bylaws”, adopted and amended from time to time by the USA Swimming House of Delegates, shall meet the reporting requirements to USA Swimming contained within the “Required LSC Bylaws”, including, but not limited to a copy of (1) the annual closing Balance Sheet and Statement of Income and Expense and (2) the corresponding federal income tax return (Form 990). The Balance Sheet and Statement of Income and Expense shall be audited or reviewed by an outside auditor or the LSC Finance Committee.
509.2 Financial Controls and Other LSC Requirements — The Board of Directors may set certain requirements, including the adoption of financial controls. Any such requirements shall be published in the minutes and communicated to all LSCs via mail or e-mail. Failure to adopt such requirements may result in a penalty to the LSC.
509.3 Financial Requirements — Annually, a copy of the financial reports listed above shall be forwarded to USA Swimming headquarters within five (5) months after the close of the fiscal year for the LSC. Upon submission of a request to extend the time to file its federal income tax return, an LSC may be granted additional time to meet its financial reporting requirements to USA Swimming equal to the extension period (typically three months), provided that the LSC submit a copy of the request for extension with the IRS to USA Swimming at the time the extension is filed and the IRS grants such an extension.
509.4 Suspension of LSC Voting — Should an LSC not be current, including extensions, with its financial reporting requirements to USA Swimming as of 45 days prior to the annual meeting of the USA Swimming House of Delegates, the Board of Directors may, with written notice, suspend the LSC from voting at the House of Delegates meeting, said suspension of votes applying only to the LSC positions entitled to vote in the House of Delegates, excluding any at-large members of the LSC.
2014 LSC Treasurer’s Workshop