Hey everyone!
Had a question regarding fundraising and how it should be handled.
I am part mod of a group of about 1300 people that sometimes we have contests, and other mods would chip in to buy prizes for said contests. We are thinking about setting up a donation to the cost of these prizes that the whole group can contribute to if they chose too.
The problem is we aren’t really sure how liable we are for taxes, guidelines for fundraising, etc. etc. I understand that if we keep said funds in an interest bearing account, we are held liable for taxes on the monies gained from that interest. But what if we keep it in a regular checking account? Also are there any other flags we should be looking out for.
I guess just looking for the best way to handle a fundraising account
Currently we just have the idea of setting up a PayPal and sweeping it to a regular checking account for the purchase of these prizes.
Thanks in advance!
Submitted November 18, 2017 at 08:27AM by Kieffer899 http://ift.tt/2zdZp8v
