By tax ID do you mean your EIN? Are you saying your Tax exempt status was cancelled?
Many PTOs operate under the school tax exemption. I do not recommend doing this, there can be problems if the pTO and the school do not understand what needs to be done at the end of the fiscal year. But overall there is nothing wrong in doing this.
As for our checking account, it is seperate funds from the schools funds and they must be accounted for seperately.
And No you should not know this stuff! Why would you? By your own admission this is your first year doing this. You will however learn. i would suggest going to useful resrouces on this web site as a good start. NPN has a lot of good information. You will need to learn about your states requirements as well.
Take it slow, one step at a time. Learn what is important and what isnt. Get others involved - share the wealth or the grief [img]smile.gif[/img]
Above all have fun with it, talk to your principal and admin staff at the school about helping to keep you all out of trouble, unless they are sadists I dont see any problem in them looking out for you while you learn the ropes.
Over this summer we found out the the tax id # we had been using was so out dated that they had cancelled it. We are now under the tax id # for our school district. Is this a good thing or a bad thing? If under the schools # do we still need to becareful at how much we are putting in the checking account? Does it go by how much you deposit or how much you have in the account at the end of the year? I am new to all of this first year on the board and because I got handed the presidents title everyone thinks I should know this stuff ... I DON'T!!!!! Any help anyone can give would be GREAT.
