How to Set Up a Bank Account for Soccer Club
It's often necessary for soccer teams to open up club bank accounts for managing money related to everything from fundraiser earnings to player dues payments. In order to prevent the management of the funds through personal bank accounts, it is best to open an account in the club's name and elect a treasurer to manage the account.
Complete an "SS-4" application through the Internal Revenue Service to obtain an Employer Identification Number. This will give the club a tax-exempt status on the account. In "Box 9a" of the form, for the type of entity, select "other nonprofit organization" and specify "soccer club" in the area provided. In "Box 16," which indicates the principal activity of your business, select "other" and indicate something along the lines of youth or community development.
Select a bank in the area where the soccer team is based. Ensure that the bank offers no-fee accounts for both checking and savings accounts. It may also be beneficial to select a bank with extended and/or Saturday hours in order to accommodate the club's needs.
Take the EIN documentation from the IRS to the bank along with an initial deposit from the club. Request to open a new bank account in the club's name.
Complete the necessary paperwork for the club's bank account. Be sure to include the names of individuals who will need access to the account, such as the treasurer, president and secretary of the club.
- soccer ball image by Mitchell Knapton from Fotolia.com