Well, we were thinking of just getting the non profit tax id number and then getting a checking account. Would this not work? I actually think the treasurer has been working on this, what if it's already done and is wrong??? THis stuff makes me nervous, I'm afraid we will do something wrong, and our school really needs this PTO right now.
Others can correct me cause I'm pretty new to this. If you have bylaws (and if you don't you should) you can find a bank that will set up a "free" checking account for you. Shop around cause you still want the ability to look at your checks on line etc. They will want your bylaws and often at least a copy of the 501(c) exemption you put in and then they will usually set up the account for you. We filed for tax exempt about 3 months ago (after we encorporated) and haven't received word yet. The 501 (c) exemption is worth it because it allows you to operate tax free and receive donations that others can "write off". If you are an income earning organization, then there are state and federal tax issues (just like any busines) unless your slate is clean at year end. Meaning you break even with no income to pay taxes on. Anyway--there are tons of folks here smarter than me on this but that is the way I understand it....
Hi! I'm the new President of our school's new PTO. We are needing information on how to handle our money, and how to do it legally. Could any of you share some tips and ideas for us?
We have roughly 500 kids in our Elementary. Very small school and we won't be having more than $1500. at any time in a checking account. Mostly for our Field Day and our Teacher Appreciation Day. What do we need to do to get a checking account? And what do we need to do about filing a tax return with the IRS.
I've read the boards here and to be honest(because I'm so new to this) I'm confused. We just want to do it right so our kids can benefit!!
