Financial Reports

Twin Cities Somms prioritizes financial transparency to our members and non-member community. We are very thankful for your generous financial support and provide you full access to our financial reports. Our Venmo transactions are listed publicly and are reconciled once per week to ensure balance with our General Ledger. If you have a Venmo account, you may scan our Venmo QR code to see our transactions. Additionally, you may view our Q1 and Q2 2021 Budget which displays our forecasted and actual revenue and expenses broken down by month. Because of the uncertainty of the COVID-19 crisis, we will not be posting our Q3 and Q4 Budget until we have a clearer picture of the landscape closer to those timeframes.

Your generous financial gifts and donations of wine helps fund our entire operation and supports our Mission, Vision and Core Values. Twin Cities Somms operates a nonprofit entity. It is Twin Cities Somms intent to incorporate in 2021 in the state of Minnesota as a corporation and afterwards, it is our intent to file with the Internal Revenue Service (“IRS”) an application for recognition of exemption under Section 501(c)(3) of the Internal Revenue Code. At that time, if the organization receives a favorable Determination Letter from the IRS, its status as a 501(c)(3) organization will relate back to its date of incorporation and all contributions made to the corporation since that date will qualify as tax-deductible charitable donations to the extent permitted under the Internal Revenue Code. Until the corporation receives a Determination Letter from the IRS, it cannot guarantee that donations will be tax deductible.