Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network

Search BankersOnline
using Google


MAIN CONTENT 

Compliance

Lending

Marketing

Operations

Security

Technology/eBanking


REGULATIONS 


Alphabet Soup







SHOP 


Banker Store

Bankers Info Ntwk


CONNECT 

Career Connect

Learning Connect

Guru Central


INTERACT 

Ask a Guru

Bankers Threads

Contact Us

Give Us Feedback


LEARN MORE 

About Our Sponsors

About Us







Print Friendly! Email This Article! Discuss NOW!



Opening a Donation Account
Answer by Ken Golliher, BOL Guru
Guru Bios

Question:  We need to open up a donation account for a young boy who has cancer. Would the best way to do that be to put the boy on as primary owner with his social security number and add whomever they want to act as the person handling the account as joint or would they just be authorized signers? I am assuming that most of the checks would be made out to the "boys name cancer fund" OR would this type of account need it's own EIN #?

Answer:  This BOL Article is the single best resource available on the subject. It has been updated to reflect current IRS philosophies in connection with their willingness to issue EINs for these types of accounts. Do not tell people the contributions are tax deductible because they are not. Consider your organization's reputation risk in opening these accounts and the implication to the public that your bank is in some way assuring that the funds are used for the purpose intended.

First published on BankersOnline.com 9/11/06






Privacy Policy    Disclaimer   Recommend This Site !   Contact Us


BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.