Question: Legal Restrictions on Bank Balance
Are there any legal restrictions or IRS guidelines as to how much money a PTO can hold in its bank account or carryforward to the next fiscal year?
Asked by Anonymous
Advice from PTO TodayCraig writes:
No. You can carry over as much as you like. If you think about large nonprofits like the Red Cross or American Cancer Society, they need to carry over a large amount of money to keep their operations running. The IRS is more concerned with how you spend your money (in line with your mission) than how you save it or how much you save.
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