How to Title Account for Child Fundraiser

Answered by:

Question:

A customer wants to open an account for a fundraiser they will be doing for a child. Do they need to obtain a EIN? What is the best way to title the account?

Answer:

This article is the best generic reference I know of regarding the issues involved. Your state may have more specific requirements. If so, they should be addressed in any deposit administration or new accounts programs sponsored by your state bankers association.

If the contributions are for the benefit of a single individual, do not be part of any suggestion that they are tax deductible; they are not.