How to Set up a Bank Account for Donations
Form a corporation.. Get an Employee Identification Number.. Apply for federal tax exemption.
Steps
1
Form a corporation.
Form a corporation.
2
Get an Employee Identification Number.
Get an Employee Identification Number.
3
Apply for federal tax exemption.
Apply for federal tax exemption.
4
Review your historical financial activity.
Review your historical financial activity.
5
Project future financial activity.
Project future financial activity.
6
Evaluate the bank's services.
Evaluate the bank's services.
7
Consider treasury management options.
Consider treasury management options.
8
Gather the required documentation.
Gather the required documentation.
9
Set up your website.
Set up your website.
10
Choose an option for accepting online payments.
Choose an option for accepting online payments.
11
Open an online merchant account.
Open an online merchant account.
12
Sign up with a payment gateway.
Sign up with a payment gateway.
13
Use a third party payment processor.
Use a third party payment processor.
14
Hire a bookkeeper or accountant.
Hire a bookkeeper or accountant.
15
Prepare a statement of financial position.
Prepare a statement of financial position.
16
Create an income and expense statement.
Create an income and expense statement.
17
Develop a statement of cash flow.
Develop a statement of cash flow.
18
Create a statement of functional expenses.
Create a statement of functional expenses.
19
File required tax returns.
File required tax returns.
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