Question: Fund PTO with final PTA Funds
If we get our EIN for PTO and start the process for our 501c3 can we donate the remaining PTA funds to our new PTO? We have 27 months to get our 501c3 it says in IRS documents. Are we breaking any laws? PTA says we can donate to ANY non-profit if we dissolve.
Asked by firstname.lastname@example.org
Advice from PTO TodayRockne writes:
Hi Gary - Breaking any laws? No. What you are describing is exactly within the spirit of the IRS regs. You may want to check your PTA bylaws, as some PTA bylaws have more specific restrictions than the IRS regs. But even if the PTA bylaws are different, there are still plenty of perfectly legal and permissible ways to make sure you don't lose any funds and that your school and your kids (and the parents who raised that original money) benefit from those funds. Tim
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