Question: School Board won't let us keeps our funds until we are a 501c3

HI there, we are forming a PTO for our brand new small charter school. We are getting push back from the board. We applied for 501c3 status and have our own EIN. Our board is telling us we can not open our own account or keep the funds we are raising until we are officially a 501c3. Can they do this?

Asked by Anonymous

Answers:

Advice from PTO Today

Liz L writes:
No - your PTO is an independent entity and since you have your EIN, your funds are yours. Your own EIN=your money. You are not obligated to share bank account details - or your money - with the board. That said, I also hope they ease up and work toward being partners vs. what sounds adversarial. Good luck. Liz from PTO Today