Denver, CO asked in Banking and Business Law for Colorado

Q: I am the predisent of a nonprofit. Do I have an obigation to provide personal banking information at the treasure?

We are in the process of becoming a non profit

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1 Lawyer Answer
Tristan Kenyon Schultz
Tristan Kenyon Schultz
  • Business Law Lawyer
  • Fort Collins, CO
  • Licensed in Colorado

A: If you are seeking non-profit status from the IRS, a significant factor in the consideration is compensation. If you received a salary or percentage of the profits (e.g. a partnership) your total compensation and banking information are highly relevant. This is less for the non-profit itself, but for the IRS approval. If you do not receive any compensation from the non-profit, your bank accounts are not normally relevant.

You may want to consider hiring a lawyer. The work is tax deductible and an attorney can review, draft, and advice both the incorporation and nonprofit status.

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