Each WWPSA Travel Soccer team operates as independent entities. As such, each team is required to open their own basic checking account to manage the team fees remitted by the parents of players on the team and the team's expenses, e.g., trainer fees, tournament entry fees, etc. Here is some basic guidance to help with this process:
- Get a Tax ID from the IRS
Since a bank account must be associated with a taxpayer ID number, you shouldn't have to provide your Social Security Number (SSN), so apply online for an Employer Identification Number from the IRS. Here's what you need to do:
- Click the link above to visit the appropriate page on the IRS website to apply for an EIN. Click Apply Online Now
- Fill out all relevant information; here is some guidance for some specific lines:
- For Line 8a, choose "other nonprofit organization" and specify "soccer team"
- For Line 9, choose "Banking purpose" and specify "soccer team bank account"
- For Line 14, choose "Other" and specify "soccer team"
- Click Next to validate your entries; you may have to revise some information based on the edit checks.
- You will then receive a Tax ID number; print this page for your records
- Open a bank account
WWPSA uses Bank of America for its banking and recommends that new Travel teams use Bank of America due to their simple checking accounts for tax-exempt sports teams. Call 800-360-9480 and explain you are a soccer team looking to open a simple, no- or low-fee checking account to handle the disbursement of team expenses. They will ask you to fax them a copy of your team's Operating Agreement, which is a simple document stating who the authorized signors will be. (Click here for a sample document you can use.) The account representative will then get some other information from you and direct you to how you can order your checks.
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