Question: what to do with pta money
if we change from a pta to pto, can we transfer the money from pta acct to pto acct? if not, how do you get money to start pto? can we have pta money in acct but have fundraisers for pto acct?
Asked by cathy
Advice from PTO TodayCraig writes:
Yes, you can have fundraisers for the PTO. Make sure you get an Employer Identification Number (EIN) from the IRS (Form SS-4), open a new bank account, and don't mix PTA and PTO funds. If you're going to apply for 501c3 tax-exempt status from the IRS, the IRS allows one 501c3 organization to donate funds to another. Once your 501c3 application is approved, it's retroactive to your group's start date (the "new" PTO).
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