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Re: Troop bank accounts
Alan Wolfson (alanw@MDLI.COM)
Mon, 29 Mar 1999 18:14:13 -0500
Actually, troops and packs do not exist as legal entities. They are
completely "owned" by the sponsoring organization. You can, and should,
use the tax id number of your sponsor. For the vast majority of Scout
units in the US, the sponsoring organization is itself a tax-exempt, or
non-profit organization. That means that your sponsor will not be liable
for any taxes on the interest earned either.
Yours in Scouting,
Alan
>We've run into a problem with interest on the Troop bank account. Seems
>that we can't have the treasurers Social Security number on the account as
>she becomes liable for the interest in the eyes of Uncle Sam. I assume we
>need a tax free number but this seems very expensive and a world of hassle
>to boot! How do other troops handle this? My DE was of no help.
Alan Wolfson
Boy Scout Roundtable Commissioner
Arrowhead District, Daniel Webster Council, Nashua, NH
I used to be a bear (NE-CS-36) and a fox (NE-I-184) too!
Also Co-Leader GSUSA, Cadette/Senior Troop 2126
Older girl consultant, Nashua Service Unit GSUSA
E-mail: mailto:alanw@mdli.com
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