I'd try other banks. It's been our experience at three different banks that they treat us as a small business and have not cared if we had our 501c3 or not.
We did the incorp. under as a Non-profit corp. so the papers say non-profit, but I wonder is that enough.
I can't imagine why that wouldn't be good enough. Nonprofit vs. for profit are state incorporation terms, not Federal taxation terms. If the state says you are a nonprofit, then you are, period.
We went to the bank to open up an account, and they told us we needed more than an EIN#, we needed proof of non-profit status, our meeting minutes, and two officers. We still have the PTA bank acount open, but would really like to open up another account under the PTO, then close the PTA account, because we are not actively using the PTA account, and really don't want to because we heard once that they(PTA) do have the legal right to take the money in the account, it also states this in the state bylaws from them (florida). We did the incorp. under as a Non-profit corp. so the papers say non-profit, but I wonder is that enough.
Its so frusterating because our main goal is to help out the school and the students, and they sure make it hard.
Your incorporation and application for an EIN are two entirely different things from applying for tax exemption as a 501(c)(3). Your incorporation has to do with personal liability of your officers and members, not your tax status. And all your EIN does is give you an identifying number for you to be able to deal with the IRS or other taxing agencies, and to open up a bank account and keep the money unattached from one of your officers' SSN--there's nothing in your number that means you are tax-exempt or not.
What you read on the IRS website is correct, you do not need to file the 1023 to get exemption from Federal taxes as a 501(c)(3) organization unless you expect to gross over $5k/year.
I was told I did not have to file, until I became a plus member of PTO Today and recieved the Treasures Kit free! I think every PTO need this. It does state even if your annual gross receipts 25k are under you stll have to fill out a section of the 990ez form.
if over the 25k, then the filing status will change to use the 990 form.
Hi
I would like to thank you for this site, We are a former PTA school, now a PTO. We were only a PTA for one year. We are a small private school with about 200 students, I wanted to know if we have applied for Non-Profit incorporation, and have an EIN # thru the IRS, do we have to file form 1023, Nonn-Profit status 501(c)3? I have read the IRS website and it said an organization should file if they are going to recieve funds more than $5000, which is highly doubtful for us with such a small school, last year we raised maybe $2500. I am really confused, can someone please give us advise.
