PTOmomof5--guess they just do that for identification purposes? Still seems strange; I don't know of any banks in my area that do that. Anyway, if they are doing it for identification purposes and not attaching the SSN to the account (they shouldn't be, since you have an EIN) it's "ok," although I know a lot of people who would object due to privacy and potential identity theft issues.
Our PTO already had an EIN number and checking account set up when I took over, but everytime we change officers and add the new treasurer/president to the PTO checking account the bank ask for their SSN in order to add them to the account.
DO NOT use your own SSN for the PTO account!!!!! If the account get big, you could end up with some unintended tax problems. You do not need to be incorporated in order to get an EIN from the IRS.
If you're not incorporated, then on line 8a check that you are "other nonprofit organization" and then write in "parent teacher organization." (Note: this does not mean you are tax exempt; there's a whole separate application for this.) On line 9, check "banking purposes," and write "open checking account."
An officer (or the principal) will have to put their SSN on this application form (line 7), but this is a one time thing that won't have any bearing on their tax returns--it won't need to be given to the bank.
You could incorporate (see other threads for more info) and use that to get your EIN number from the IRS, which the bank uses to open an account.
We weren't prepared to incorporate so the Principal let us use his SSN as none of us wanted to use ours. We are in the process of getting our EIN and will use that to open our bank account.
Hi...When I opened up the PTO account a year ago we had to file for a employee identification number from the IRS. It was really simple...at the same time a previous school account was being closed(we basically transferred the funds) that had a persons social security number on it from previous years. Our bank told us that they no longer could do it that way.
"When you stop learning you stop growing."
I want to know if others have to give out their own personal social security number to sign to be on the checking account? I thought there was some sort of federal id number. Thanks [img]smile.gif[/img]
