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What to do with our PTA Money

10 years 2 weeks ago #165791 by njmom
While our group was in the process of switching from PTA to PTO, we had two bank accounts. We wrote checks from the PTA account and deposited fundraiser revenue to the PTO account. Once the PTA account was down to under $500, we closed the account and deposited to the PTO account. Hope this helps!
10 years 2 weeks ago #165789 by Craig
Yes, I got that -- sorry if my response was confusing. It shouldn't matter as far as making a gift. : )

Editor in Chief
10 years 2 weeks ago #165788 by Joy
Replied by Joy on topic Re:What to do with our PTA Money
I meant our current PTA is a 501C4 - we will be moving to a PTO 501C3.
10 years 2 weeks ago #165787 by Craig
Yes, I don't think that would be a problem -- the issue would be if the organization you were donating to was a 501c4, because donations to 501c4s aren't tax deductible. But schools are considered 501c3. (This is also why you should get a 501c3 for your new group.) Best wishes with the process -- I hope it goes smoothly for you.

Editor in Chief
10 years 2 weeks ago #165786 by Joy
Replied by Joy on topic Re:What to do with our PTA Money
Thank you so much for the response!
Our current PTO is a 501C4. Can we still gift?
10 years 2 weeks ago #165784 by Craig
IRS rules allow one 501c3 organization to donate money to another. That means you can donate money to the school. If you file for 501c3 for your PTO, you may be able to donate the money to the PTO, but that's a bit of a gray area. 501c3 status is retroactive to your start date, as long as you apply for it within 27 months of your start date. So can you donate the money to the PTO, knowing that it will be a 501c3 retroactively? We haven't been able to get a definitive ruling from the IRS on that specific situation.

Editor in Chief
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