[GeoStL] SLAGA bank account
- From: Paul Konopacki <konopapw@xxxxxxxxxxxxxx>
- To: SLAGA Newsgroup <geocaching@xxxxxxxxxxxxx>
- Date: Thu, 03 Oct 2002 22:49:36 -0500
Who can give advice on opening a bank account
to handle our donations and purchases? I'm sure
there are people out there who are dealing with
this right now.
Here is something to start the discussion/debate:
GUIDELINES FOR OPERATING A NON-PROFIT
BANK ACCOUNT
"To open a non-profit bank account, you need to
have a tax identification number (TIN) for your
organization (form SS-4, Application for Tax
Identification Number)"
Bank Account
"When dealing with banks, the sticky part comes
-- if you are an informal group -- with interest-bearing
accounts (checking or savings). Technically, the
federal government requires that someone be
responsible for paying taxes on the earned interest.
This means the bank may ask for a social security
number and the person with that number must treat
the interest from the account as part of her personal
income. Obviously, some people may be reluctant
to do this. With a checking account, you can get
around this problem by opening an account that
is non-interest bearing. With a savings account
some banks will allow you to register the account
as owned by a nonprofit group even thought
technically you are not nonprofit. The banks are
simply trying to stay on the good side of the
federal auditors and such an arrangement will
usually appease them as long as there is not a
huge sum involved."
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