PTO Today Q&A > Nonprofit Status & Organization > not for profit
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Question: not for profit

We have 501c status and a fed. tax id number. Are we permitted to have a savings account if we are not for profit?


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Answers:

Advice from PTO Today

Rose C writes:
Yes, absolutely. You need a checking account as well. But for savings, you can deposit PTO funds into a savings account or another safe savings vehicle (CDs, some money market funds.).

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