If your organization intends to collect money or fundraise, you may find it necessary to have a bank account. RSO’s that need an account will need to open off-campus banking accounts. Here are some tips while opening an account!
Managing your EIN!
The Employer Identification Number, also known as EIN, is essential when managing your RSO’s bank account.
This number is important for the IRS to recognize your RSO as a business entity. Think of the EIN as the “social security number” of your RSO.
You can apply for an EIN online, fax, or by mail. Go to IRS.gov for more detailed information on how to apply.
No organization should file as a nonprofit UNLESS granted nonprofit status!
Once your RSO receives an EIN, you cannot get another! It is important to keep track of this number and make sure to have it written down somewhere. A good place to do this is on your Engage Central page
Make sure to tell future officiers your organization's EIN number.
If you do not know your EIN number, ask the IRS to search for your EIN by calling the Business & Specialty Tax Line at 800-829-4933.