Message Boards

×

Notice

The forum is in read only mode.
×
Looking for advice? Join us on Facebook

Get advice, ideas, and support from other parent group leaders just like you—join our closed Facebook group for PTO and PTA Leaders & Volunteers .

Where did the money come from?

17 years 3 months ago #134505 by JHB
We did the same thing when we filed in 2000. Just moved the money from the old organization to the new. Our application processed just fine and where our starting funds had come from as a "new" organization was never an issue.
17 years 4 months ago #134265 by OneandOnly
Buckeye; Yes, our PTO was created in 1985, but they never filed for their 501(c)3 status. So we have a huge history. I've just completed the paperwork using the totals from our balance sheets and hopefully they will see that there is no concern. Although we carry a balance over each year & some are larger than others, they can see we've done right with the money and used it for major projects.

Doing it for my one and only ~~ my son!
17 years 4 months ago #134258 by Critter
It's been 5 years since I did our 1023, but we would have had a very similar situation. We had probably $7-8K in the bank when we filed for our 501c3 (being newly incorporated but about 20 years old). There was no problem with our application. But when in doubt, call the IRS to ask for the official answer: 1-877-829-5500.
17 years 4 months ago #134255 by BuckeyeTreas
Is that the PTO has existed for about 20 years. But never as a 501c3. We incorporated as a new group, and then closed the old accounts and put ALL the money (carried over from previous years for lg projects) into the new accounts (under the new groups EIN).

So, it's money we didn't raise this year. Do we have to explain it? Or will it draw a flag (as it should be on our balance sheet as we do have it).
17 years 4 months ago #134241 by OneandOnly
If you concerned about it, mention it in the early section as to what your organization does. Make mention of what you are saving for.

Doing it for my one and only ~~ my son!
17 years 4 months ago #134192 by BuckeyeTreas
We are going thru the 1023 process. We incorporated as a new group, etc. I'm filling out the 1023 and in doing the balance sheet, aren't they going to question where the initial money came from? We had a balance we were carrying over for "large projects". When you look at our "projected income and expenses" we consume almost all we make. Yet our balance sheet shows a large amount of cash.

As a group "just starting", wouldn't this be questioned? Or how should we account for it.
Time to create page: 0.056 seconds
Powered by Kunena Forum
^ Top