Why to reimburse from FSA when company matches?
- The $ 500 given by TEAM when members are selected is different from the money you have in your FSA account. In the FSA account, we keep your company contribution. But this will be given after you spent and submit the receipt. Because that is not your contribution. Since your company has paid for you, this is your company’s donation. For that, you need to submit the receipt for that $120. US tax law is very complicated. If we give that money and you don’t provide the receipt, this will complicate the things and end up TEAM answering to IRS. So please provide the receipt for your spending of $ 120 and TEAM will reimburse you immediately. This is the rule imposed by IRS and TEAM has to follow that. Otherwise, TEAM will be in trouble. For example, some people have $10K in their FSA. TEAM can not give the $ 10K unless otherwise member provides the receipt. We are all working together to help our schools. But we need to follow certain procedure as far as money of company is used. Hope this helps.
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Identify TEAM-FSA Projects!
1. Members have complete control over how/where their TEAM-FSA money will be utilized and they can do any charity work other than school infrastructure for their passion using TEAM’s exemption status. Note: Member’s monthly contribution is strictly for building school infrastructure.
2. Some example projects can be done using this TEAM-FSA money by members.
– Adopt a kid to educate.
– Provide scholorship to lower/higher education.
– Plant trees in their village.
– Adopt a village to bring awareness.
– Help local hospitals.
– Help needy people for their any developmental activities.
– This list keeps growing based on member’s passion.
2. So please identify a project based on your passion and interest.
What is TEAM’s FSA?
- 1. TEAM member’s TEAM-FSA (Flexbile Spending Account) will get opened with TEAM when they:
– Get corporate gift match.
– Get corporate grand donations.
– Donate their car to TEAM.
– Donate his own personal money. (Members can claim tax)
2. Members have complete control over how/where this FSA money will be utilized and they can do any charity work other than school infrastructure for their passion using TEAM’s exemption status. Note: Member’s monthly contribution is strictly for building school infrastructure.
3. Some example projects can be done using this TEAM-FSA money by members.
– Adopt a kid to educate.
– Provide scholorship to lower/higher education.
– Plant trees in their village.
– Adopt a village to bring awareness.
– Help local hospitals.
– Help needy people for their any developmental activities.
– This list keeps growing based on member’s passion.
4. Just like corporate FSA account, members have to reimburse from FSA after completing the project and submitting receipts & pictures.
5. FSA can be claimed any time and any number of times.
6. No time limit to utilize FSA and keep accumulating.
7. Member’s monthly membership contribution won’t be part his/her FSA and that will be given to the member when he gets selected in a normal way.
When this will be effective?
– It is effective from March 2006!
– It means, the members who got gift match before March 2006 can’t claim.
– Because, we didn’t have the concept of individual FSA account and all the money went to common TEAM account and being SPENT for adopted schools.
– Which was the policy we discussed by then and went ahead with that.
– After this new policy change effective from March 2006, the donations of members who got gift/grand match after March 2006 will be put up in his own FSA instead of common pool so that members have complete control over his money to help in a way they want instead of always going to adopted school.
– In one line “The money generated after March 2006 will only be available in member’s FSA and eligible for reimbursement”
