ABCD,
Though it sounds like a HUGE task, it really isn't. So many people here have gone thru the processes, you'd be amazed. Take each task step by step and you'll be fine. [img]smile.gif[/img]
Mum24 made the point (thanks mum!), but I'll elaborate a bit.
Our National PTO Network offering has great added-value services for *all* groups, but there's an added incentive for groups in your particular shoes. Our first NPN "Expert Guide" is called PTO Start-Up, and it walks you through every step that you're talking about here. How to answer the IRS questions. Where to get this form or that. Timing. And lots more.
Thank you all for your input we have a lot of work ahead of us I can see it now. Bylaws, tax forms ect. I think it is time for me to resign LOL.I will be back for more help I promise!!!!!
To incorporate or not! That is the question. While you are figuring all this out, you could get into some trouble. here is how to avoid that, call and get your 1023 filing packet and start working on it, but in the mean time if you dont already have it, create your articles of organization, by laws, what ever you need to call them. Be sure to include all the language in Publication 557 (see useful rescources) Get this approved by your membership. This date is important as you will see when you read 557 - the day your organization approves the by laws or your insturment of organization a clock starts for you non profit status of 15 months. You can always go back and do all the legal required things you may have missed with this for incorporation without affecting this date. There are $$ amounts associated to you status and requirement to file also it is all in Publication 557.
In addition to the above, you should seriously consider incorporating; that would need to be done before you apply for your tax exempt status. The latest issue of PTO Today (October 2003) has a very good article on incorporating and getting tax exempt status. You might also consider joining the National PTO Network (NPN); the resource guide there is excellent.
As for the bonding question--I think it's worth it generally, but you'll have to look at the costs versus your total receipts. Any insurance agent should be able to help you with that; if you join NPN, you can get reduced rates through their program.
oops I forgot to add. After I got a ein number we went hunting for the best banking deal. After we found one that wasn't going to charge us for everything we didn't need. We had to provide a copy of our bylaws and current minutes. Then myself being the president and the treasurer signed signature cards allowing only us to sign on the account. I would suggest having at least two signers on every check. This way everyone is protected and no questions are asked as to accountability on the treasurer.
