How to Open a Nonprofit Bank Account
Nonprofits are business entities that generate revenue and expenses. It is beneficial for accounting purposes for the nonprofit entity to open a bank account.
When can I open a #nonprofit bank account?
After you meet with the Board of Directors. Then you decide with the Board's approval which bank or credit union is right for the #nonprofit needs. Record the decision in your meeting minutes for future reference.
Tip: Some banks may charge monthly service fees for opening a checking/saving account even if you're a nonprofit.
What documents will I need to open a #nonprofit bank account?
Most banks require the following items from your organization:
1. Articles of Incorporation
4. IRS Determination Letter
5. Official List of the Board Officers
6. Photo ID and Social Security Card
How do I obtain these documents to open a #nonprofit bank account?
Truth Written Enterprises equips your organization to open its first bank account. We incorporate with the state you reside in, obtain your Federal EIN, and create the custom bylaws. We also prepare your 1023 application. You can view our packages and sign up immediately online.
The bank you chose will have specific requirements and may require additional documents than what is listed in this post.
Contact the bank before you go, to determine which documents are required to open an account.