Box Tops for Homeschool Group Questions

by Mandy
(US)

We are considering joining the boxtops program, but don't know how to go about doing it. We were told we need to get a bank account for our organization, and someone looked into it and said we need to apply for an organization ID and a bunch of other stuff just to be able to get the bank account. Is this right? Is there an easier way than applying for this, then filing for that all before we are able to get a bank account?
I appreciate any information, advise, or suggestions you may have.

Thanks,
Mandy

Hi Mandy,
I talked to the gal who set up our co-op's account a couple years ago and she said the Box Tops website has changed since she created an account for us and doesn't remember the specifics of what she needed to set it up. Sorry. :(

I believe you can get an EIN for just banking purposes, without becoming a 501c3, etc. You can get an EIN or Tax ID for your group online through the IRS website (http://www.irs.gov/businesses/small/article/0,,id=98350,00.html).

If you decide to incorporate later, you will need to reapply.

The co-op I run is a ministry of our church, so I do not have to worry about some of the legal/financial issues other groups have to deal with. Hopefully someone who knows more will post answers to your questions or can provide additional information.

You may want to contact Home School Financial Services Associates (www.hsfsa.com/) or Carol Topp (homeschoolcpa.com) for more information.

Blessings,
Heather