Thank you so much for your help. I know our treasurer set up the account so I'll get with her this week. Unfortunately, sort of, we raised more than $5000 on our first try on a Family Fun Night. Guess that means we'll have to shell out the big bucks. [img]smile.gif[/img]
yes, it makes a difference because getting your PTO's own tax id number is the first step to creating an independent 501c3. If you're not sure, or can't find the person who set up the number on behalf of the PTO, then you can call the IRS to verify...I think you can also do a search on line. www.irs.gov
The application fee (one time) for 501c3 is $500 is your PTO normally grosses (not net profit, gross income) over $5,000 per year. Since you are a very new group, you may not be at that level. Then the fee is $150. You actually have 27 months after the founding of your group to apply for 501c3, so you don't have to panic. You'll also want to incorporate in your state before you apply for 501c3, because your incorporation date is considered the founding date of your PTO. That fee is set by your state but probably runs $25-$100. There's an annual renewal fee for incorporation. All this is covered in the start up guide, I think. Since you're brand new, you might want to join PTOToday Plus so you can get the other toolkits at a discount (ex; treasurer's guide). You can also get your insurance at a discount and access all the resources on this website (some are restricted to plus members only).
I was not the Pres. at the beginning of the school year, but I'm pretty sure the number we used was the IRS number given to us for our PTO. Does this make a difference?
I'm going to get the Start Up Guide like I've seen suggested and because I already went to the IRS site and was a little lost. [img]tongue.gif[/img] Am I right in at least thinking this will cost about $500?
First, a question for you: what identification number did you use to set up your PTO's bank account? The school's tax id number? a new one you got from the IRS specifically for your PTO? or someone's personal social security number?
No doubt you'll get some responses to your question about applying for 501c3 here, but if you want the whole story in one place, you might want to get the Start Up Guide from this web site (see pto store).
We just completed our first year of having a PTO at our school. However, because we had to set up a bank account quickly, and having never done this before, we didn't apply for the 501c3 tax exempt status (I don't think anyone knew we could). Does anyone know how to do this easily? :confused:
