MISC. BANKING/TAX INFORMATION
1. From an IRS standpoint, teams are allowed to keep an unlimited reserve in their bank account from year to year.
2. Every time the team manager and or treasurer changes, be sure to update signing authority on the team bank account. No need to open a new account.
3. 501 c3 or c7 designations do NOT exempt your team from sales tax.
4. Donations to a 501c3 club can be deducted as charitable giving.
5. Donations to a 501c7 club can NOT be deducted as charitable giving.