Comments on: Board, Bylaws and Budget http://homeschoolcpa.com/board-bylaws-and-budget/ Helping homeschool leaders Thu, 19 Apr 2012 17:36:08 +0000 hourly 1 http://wordpress.org/?v=3.3 By: admin http://homeschoolcpa.com/board-bylaws-and-budget/comment-page-1/#comment-383 admin Fri, 04 Jun 2010 12:57:13 +0000 http://homeschoolcpa.wordpress.com/?p=10#comment-383 Tasha, Good for you for serving the needs of homeschool families in your area! The idea of a cash box may work well if your group is small. To open a checking account, you should call the bank first and see what they will need. They may want an EIN (Emplpoyer ID Number), which you can get for free from the IRS. My Leader Tools page has articles to explain that <a href="http://homeschoolcpa.com/resources/Getting%20an%20EIN%20from%20the%20IRS.pdf" rel="nofollow">Getting an EIN from the IRS</a> Your next step should be to read through my articles on boards, budgets, bylaws, and nonprofit incorporation. As for legal issues, you should visit Hurwitt and Associates (http://www.hurwitassociates.com), a website created by attorneys. They have a great list , by state, of the requirements for nonprofits. Since you told me you are in Texas, I found the link: <a href="http://www.hurwitassociates.com/l_s_initial_tx.php" rel="nofollow">Starting a Nonprofit in Texas</a> You're off to a great start! Don't forget I wrote an entire book about starting and running a homeschool co-op. Read a sample chapter here: <a href="http://homeschoolcpa.com/bookstore/homeschool-co-ops/" rel="nofollow"><em>Homeschool Co-ops Sample Chapter</em></a> Carol Topp, CPA Tasha,
Good for you for serving the needs of homeschool families in your area!
The idea of a cash box may work well if your group is small.
To open a checking account, you should call the bank first and see what they will need. They may want an EIN (Emplpoyer ID Number), which you can get for free from the IRS. My Leader Tools page has articles to explain that
Getting an EIN from the IRS

Your next step should be to read through my articles on boards, budgets, bylaws, and nonprofit incorporation.

As for legal issues, you should visit Hurwitt and Associates (http://www.hurwitassociates.com), a website created by attorneys. They have a great list , by state, of the requirements for nonprofits. Since you told me you are in Texas, I found the link:
Starting a Nonprofit in Texas

You’re off to a great start!

Don’t forget I wrote an entire book about starting and running a homeschool co-op. Read a sample chapter here:
Homeschool Co-ops Sample Chapter

Carol Topp, CPA

]]> By: Tasha http://homeschoolcpa.com/board-bylaws-and-budget/comment-page-1/#comment-379 Tasha Tue, 01 Jun 2010 04:12:40 +0000 http://homeschoolcpa.wordpress.com/?p=10#comment-379 Carol, What a great ministry that you have to the homeschool community. Several home educators and I live in a remote area of Texas where there is only a homeschooling support group for the mom's, but nothing in the way of activities and classes for the children. We have everything established to get the co-op started for the fall of the year, except for the issue with the bank account. One person recommended that we keep just a cash box, but that seems a little overwhelming. We are just starting off and considering getting a checking account to store the money collected for dues. Right now, we are a small group, and obviously well below the $5k in income. From one of your previous comments, I gather that we should not set up an account in the three of our names, but rather in the name of the group? I wanted to verify that recommendation and then find out once the group has a bank account, is there a website that can step us through the other legal (federal) related issues to make sure we are in accordance with laws for non-profit groups? Thank you for you direction. Tasha Carol,
What a great ministry that you have to the homeschool community. Several home educators and I live in a remote area of Texas where there is only a homeschooling support group for the mom’s, but nothing in the way of activities and classes for the children. We have everything established to get the co-op started for the fall of the year, except for the issue with the bank account. One person recommended that we keep just a cash box, but that seems a little overwhelming. We are just starting off and considering getting a checking account to store the money collected for dues. Right now, we are a small group, and obviously well below the $5k in income. From one of your previous comments, I gather that we should not set up an account in the three of our names, but rather in the name of the group? I wanted to verify that recommendation and then find out once the group has a bank account, is there a website that can step us through the other legal (federal) related issues to make sure we are in accordance with laws for non-profit groups? Thank you for you direction.
Tasha

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