Carol,
I’m a treasurer of a co-op that’s just starting out. We need a bank account. I’ve tried applying for the EIN (Employer Identification Number) online, but the IRS website is asking for the SSN (Social Security Number) of the responsible party. Do I need to give my own? I’d prefer not to.Thanks in advance,
Paula in TX
Paula,
Someone must give a Social Security Number (SSN) so that the IRS can always trace leadership of a nonprofit (or a business) to a human being. This is avoid scam or shell companies from getting an EIN and a bank account.
You can request the IRS remove your name from the EIN when you step down from being treasurer.
When that time comes, fill out IRS Form 8822-B and change the “responsible party” to the new leader.
For more information on running a co-op, I recommend taking my Board Training for Homeschool Groups webinar series.
Carol Topp, CPA
HomeschoolCPA.com
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