Financial guidelines?

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Ok..have been involved in travel ball for 5 years but this year we are starting up a new organization.
Can anyone tell me if I have to get a tax id number or do anything through the IRS for the checking account that sponsors and players/parents will issue payment to?
I know about the insurance and all that, just not sure about the bookkeeping end.
Thanks

 

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This has been covered before. Click on SEARCH .. put in Non-Profit and change it to search of ONE YEAR .. you will find these below and other info. Also you can search on line for info on a 501 C 3 .. go to IRS.GOV or just search google. Good Luck

Non-profit org- ?how to start?
Re: New organization

 

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You really do not have to do any thing unless this is something that you want to continue and grow, then it is advantageous to incorporate and file for tax exempt status. ?If you incorporate it will also give you a layer of personal isolation in the event of any litigation.

Either way, I would suggest that you keep very good records of all monies in/out. ?Try to do all transactions via check, never deal in cash if you can avoid it. ?Checks leave a paper trail that you can use as support when that disgruntal parent creates problems.

It costs very little to incorporate with the state and the paperwork is simple. ?Applying for tax-exempt status is a bit more challenging and time consuming, but well worth it.

Here are some helpful links:

Ohio Secretary of State, business forms: http://www.sos.state.oh.us/SOSApps/SOS/FormRefbs.aspx

IRS, non-profit and Charities: http://www.irs.gov/charities/

Hope these help.

Doug

 

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Here's the first thread FASTPITCH999 was referring to: http://www.game-ex.com/cgi-bin/yabb2/YaBB.pl?num=1187009049