Starting a Nonprofit

10. Open a Bank Account

Nonprofit organizations need their own bank accounts. To open up a bank account for a nonprofit, you will need the official filed date-stamped copy of the Articles of Incorporation from the Pennsylvania Department of State (see Step #3) and the IRS letter issuing the organization’s EIN (Step #9). If you made any amendments to the Articles of Incorporation, you’ll need those as well.

Some banks may ask for additional documentation (like the written consents or resolutions appointing Board members and officers – see Step #8) and most banks require that you sign some paperwork naming the signatories on the account (who the signatories are will depend on the size of the organization). Confer with legal counsel and your insurance broker regarding best practices for mitigating risk.