How do i set up a checking account for a nonprofit organization?
IRS LetterTo set up a checking account for a nonprofit organization, the director must meet with the bank to fill out the appropriate paperwork. Take a copy of the charity’s IRS 501(c)(3) determination letter to confirm the organization’s status as a nonprofit. If the IRS has not yet issued that letter because it’s a new organization, the bank will have forms for an interim nonprofit account until the letter arrives.Other PaperworkThe principals on the account must also bring copies of the Corporate Resolution. The Corporate Resolution is a board action document that authorizes the account and specifies who the signers of the account will be.
