Yes get your own #. When we moved to a new school we had to transfer funds to new accounts and did not have our new #'s so our treasure put them in her ss# until we got the new number. This could have caused a problem for the treasurer come tax time for her and her own accounts. Luckily the bank applied the new # effective the day the account was open so it worked out ok.
It's not that hard to get an EIN. Once you bite off and do it then you cna get the bank account and you can also get other non-profit benefits too. it's worth it. Having the bank account with the treasurer's # is not good.
Wow, I'm pretty confused. I am a PTO President for a school that has not had a PTO in over 6 years, pretty sad. Anyway, we can't decide what to do about a bank account. It would take days to explain all the options I have been given by banks, local government and the IRS. What are some opinions about opening a bank account in your PTO name? We have been told we can't get a business license because we aren't actually a business. One bank told us to have the treasurer open the account with her SS#, but I thought this was a bad name. Should we get an EIN? I sure would love some help on this one!
Thank!
