I would like to open a bank account for our tournament. I need to get an EIN number to open an account and my bank says that to accept donations you are required to have an EIN. My question is since I see that the PDGA is a 501(c)4 organization is there a Group Exemption Number that I can use on the application for an EIN? If not, does anyone have any advise?

You can always set up the tournament as a business. You don't have to make a profit.

As far as donations, sell it as advertizing. That is how I right off any sponsorship. As long as they are getting exposure, it should not be a problem.

You can always set up the acct. as "Dennis Miller d/b/a Blah-blah DGC" ("d/b/a" means "doing business as") & use your SSN as the Tax ID # of reference. That's how I have the accounts set up for my club & I've had no problems.

You can always set up the acct. as "Dennis Miller d/b/a Blah-blah DGC" ("d/b/a" means "doing business as") & use your SSN as the Tax ID # of reference. That's how I have the accounts set up for my club & I've had no problems.



You can do that, but then you have to report every penny as income on your personal tax return and then show all the expenditures of the tournament. The good thing is, if you show a loss for the tournament, you could show a loss on your tax return making your taxable net income smaller.

The good thing is, if you show a loss for the tournament, you could show a loss on your tax return making your taxable net income smaller.



RIGHT!!!!! (Actually, I think you mean WHEN you show a loss . . .) I'm glad someone gets it!

That is true. I was going to say the same thing about running it as a business. Fly Right was a "for Profit" business. Tim never made a profit, but had to file with the government for the tournaments he ran every year.

If I ran more than one tournament a year, or was a club, I might consider incorporating or filing for "non profit" status. Otherwise, I willl just what I keep doing. Everything as cash.