Hi SigDelt91,
My best advice is for you to first contact the banking institution you intend to use and seek their advice on their requirements for opening a new account. Here's the thing, "generally" you would need an EIN in order to open a business-style banking account at a local bank. That instruction sheet you found online from Alpha Sigma Phi is helpful. However, there is one component of those instructions that may trip you up - non-profit status.
Look at the following link -
https://www.irs.gov/businesses/small...ou-need-an-ein
That IRS page outlines the entities which need an EIN. Your alumnae chapter would probably not fall under any of those categories. Your alumnae chapter is not a non-profit in and of itself; but, it might be able to piggy back under your SDT headquarters' non-profit status. However, it sounds like your organization is saying that they consider alumnae chapters to be wholly independent entities. Then, to make it more complicated, your filing status also determines if you should file an IRS Form 990 or Form 1120 to submit your taxes every year; but, I won't get into that right now.
I also agree with the suggestion to reach out to other alumnae chapters from your organization to find out what arrangements worked best for them.
So...
1) Contact your local bank for requirements
2) Ask other SDT alumnae chapters for best practices
3) Consult a tax professional
Threaded Mode
