Not for Profit

[Brewer60]

We have a club that puts on competitions. Over the past several years the revenue from the competitions has grown. We are reviewing the proper format for our club. Right now we have a bank account that is operated by our " treasurer" and under his ss# We want to investigate how our " social club" should "organize" .
I need a "how to" and the steps recommended to properly operate our club with-in the Tax Laws.

 

[BaBaBooey]

We have a club that puts on competitions. Over the past several years the revenue from the competitions has grown. We are reviewing the proper format for our club. Right now we have a bank account that is operated by our " treasurer" and under his ss# We want to investigate how our " social club" should "organize" .
I need a "how to" and the steps recommended to properly operate our club with-in the Tax Laws.

Keep meticulous records.

Get a separate account in the name of your organization.

Apply for the proper 501(c3) non-profit status if you are indeed a non-profit entity.

Hire an attorney/CPA to ensure compliance.