As much as I dislike the IRS (and sorta think its an unconstitutional thing- but thats another can o' worms) and paying taxes.

They have always been very helpful about questions due to incorporating, filling out the 1023 and 990EZ when I've called.

todda- you should be able to call the IRS and verify/ check on the EIN #

THANKS FOR THE GREAT question and also answers I am in the same situation as kayla I and the rest of the NEW PTO are trying to patch up the old PTO and revamp it up still checking on the original EIN # if it is a legit one or someones social great answers fore me to go by.

TODD

I will hang in there! Thanks to all!

Kayla, remember that your new PTO was born on your incorporation date, so no one (IRS) cares about what happened between Sept 1, 07 and your inc date. I don't have our application in front of me, but I think we did exactly the same thing you did. Our FY started Aug 1, our inc date was in Oct and I filed the 1023 the following spring. We projected the 3 years from the inc date, I believe. We also started the new PTO Inc. with the money left in the old PTO bank account. No biggy. We didn't have to explain where it came from. In our case, we didn't need a new EIN so we kept our same bank account even after we incorporated (until we changed banks a year later). But you can just write a check from the old PTO to load your new PTO account. I don't remember there being any issues with the IRS with us having a beginning balance in our coffers.

Like yours will be, we filed our first 990EZ after a "short" year because of our incorporation date. I remember the form explained how to record that on financial summary. We exceeded the $25k threshhold, so we had to file the 990EZ, but it was pretty easy.

I did the 1023 for 2 PTOs but I still call the IRS when I have questions about the whole 501c3 thing. Don't be afraid to call them. If you're really concerned about a specific issue, call them twice so you get the opinion of 2 different reps. They are very helpful, but even the IRS reps don't always interpret an issue the same way. I found I learned even more when I compared what 2 or 3 reps told me on the same point. I felt more confident too.

Hang in there, you're off to a great start.

Thank you, Shawn. The "old" group was not a non profit- it was just a group of parents and teachers that operated informally (even though the money going through the bank account was well beyond the $5000 point). The Nov. incorporation date will then show "start up funds" of what was in the old account, now in the new account (under the new EIN) though I still have to set up that account at the bank. Would this then be categorized as "Donations" or such? Thanks.

Kayla;139686 wrote: What do I do now? I can open the new bank account this month, December 2007. Do I simply write a check from the "old" account transferring funds to the new account? (I will leave enough funds in the old account to cover any outstanding checks I have written to date for this year.)

A nonprofit can give funds to another nonprofit. Be it dissolving PTA/PTO to a starting or existing one or not

Kayla;139686 wrote: How do I handle the financial reporting to the group? Since our incorporation date is in November, do I need to redo the financial statements as if our group was brand new as of our incorporation date?

I assume yes- what ever your incorporation date is AND if you have $$$ is the start of your financials (ie Incorprote in Nov but no $$$ till Dec - Nov would be blank)

Kayla;139686 wrote: Can I just finish out this year as if nothing really changed since, from the group's standpoint, nothing has really changed? When I fill out my form 1023 and the IRS asks for projected financial data for 3(?) years, do they want me to project for our years stating in September 2008?

I'd say no -you're 2 separate entities -PRe and Post Incorporation

Kayla;139686 wrote: Does the IRS want financial data from our short year of November to August?

I dunno- as an addendum??

Kayla;139686 wrote: Does the IRS care how we handled this September 2007 to August 2007? I feel sick that I don't know what to do!

Yes, but I doubt they'll be knocking down the door either.