I am brand new to this board looking for some legal/tax advice. Hope someone can help . . .

I am the President of the Foundation for a charter school that is in it's second year of operation. The Foundation has raised no money for the past two years, but we did obtain our 501c3 status from the IRS in August of this year. The PTO however, which shares the same EIN raised $70K last year. If we share the same EIN do we file one tax return? OR does each entity file separately?

In addition, we are considering amending our bylaws to separate the two organizations. Does anyone have any advice for pros/cons of operating jointly?

I really think we need a tax attorney, but I don't think anyone wants to pony up the money.

Thanks to anyone who can respond!

Cathy

Definitely, you can only file one tax return for a single EIN.

It almost sounds like the PTO is a "subcommittee" of the Foundation, and therefore the Foundation did, actually, raise money last year.

If the PTO is a separate entity (separate officers/directors), then it needs its own EIN. You should check with the IRS as to what organization name is truly associated with the EIN, and then apply for a new EIN for the other organization.