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.

    • IRS.gov will be extremely beneficial when getting an EIN. For all questions regarding your RSO’s EIN check out the following link: https://www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers