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Banking Questions

17 years 3 months ago #133668 by beignets
Replied by beignets on topic RE: Banking Questions
ps - consider it great that someone showed the principal your posts on these boards!! maybe she can use the search program and get educated on the whole matter she seems uninformed about!!
17 years 3 months ago #133666 by beignets
Replied by beignets on topic RE: Banking Questions
"if none of the other schools are doing it and we have not had to do it in the past, why do we have to do it now."
Unbelieveable statement from a head of school. SHe needs to get some knowledge (and different mode of thinking). Maybe she could talk to her district legal person or accounting head about operations rules regs and IRS laws. She might listen to the pros.
17 years 3 months ago #133665 by beignets
Replied by beignets on topic RE: Banking Questions
When I say the IRS said required, I meant IF the organization wants to be tax exempt. We aren't just automatically tax exempt because we are non-profit. Also, it's my understanding that if you aren't a 501c3, than you will have to pay taxes on any funds raised. Now, I am learning all this, so if I get something wrong, please forgive me. Like you, I am trying to do the right thing for our PTO and am finding that there is a lot to learn.
17 years 4 months ago #133662 by beignets
Replied by beignets on topic RE: Banking Questions
DonnaS, as a 2nd year treasurer, I just figured out to the best of my knowledge (still researching), our PTO has never had a EIN or applied for 501c3 status. From what I have come to know, this should have probably been done years ago because our PTO raises well over the $5,000 limit. I just learned that the tax id # on the checking account is probably someone's social security number !!! I have spoken with 3 people at the IRS and they all told me that PTO's are REQUIRED to file for the 501c3 status if you raise more than $5,000 a year and it's my understanding that if the PTO doesn't have their own EIN that we shouldn't have a checking account. Aren't we in good shape? hahaha I have also spoken with an accountant and he pretty much told me that if he was me he would not be an officer if our PTO wasn't going to go thru with the 501c3 application. I had already decided that I wasn't, because I do not want to stick my neck on the line for thousands of dollars. Like Critter says, I know too much to morally operate informally. My understanding is that we have (for decades apparantly) been operating illegally. I think that's too much for a principal to ask of a parent that is just trying to be involved and be a help to their child's school.

As far as someone showing your posts to the principal, maybe you should show the principal lots of posts that support your beliefs. My feeling is that if the principal was doing what is best for the school, then he/she would want to make sure that everything at the school is operated in a "legal" manner even if it hasn't ever been. Just my opinion. Good Luck and keep us posted.
17 years 4 months ago #133658 by DonnaS
Replied by DonnaS on topic RE: Banking Questions
Hi Critter - You right! To answer your questions..last year the PTO earned over $20,000. The carry over balance this summer is about $4000. Please see the post under "Operating without a PTO President" Change has been hard for some...a new PTO President coming in and suggesting changing how they have always done things.

Someone went to the Principal and showed her my post from this board. That was disheartening ... this board is an informational tool! It is meant to learn from not work against you!
17 years 4 months ago #133480 by DonnaS
Replied by DonnaS on topic RE: Banking Questions
Thank You Critter!

Someone went to the Principle and showed her the comments here...and then I was called into her office. I have to say that this message board is meant to be a tool to help PTOs and schools gather good information and learn ways to help their school. It it not meant to be a tool to work against someone.
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