Bank Accounts & Non-Profit Status
Chapters are required to have a bank account and should maintain funds in their account to cover costs of events throughout the year.
- Eligible chapters may receive a nominal annual grant from the Haas School. Modest grants provide seed money for emerging or small chapters to secure a venue, provide refreshments, or innovate on existing programs.
- Chapters are encouraged to collect fees for ALL their events. These funds should reside in the chapter's bank account and be used exclusively for the work of the chapter.
- Funds are required to secure a venue, pay for refreshments, or purchase a speaker gift. To ensure that your chapter's funds are safe and accessible, a bank account is needed.
Your chapter bank account must be established using the UC Regents Tax Identification Number (TIN) #94-6002123. This will provide your chapter with tax-exempt status. A chapter is exempt from filing a tax statement, whether the chapter receives a 1099 Form or not. (Simply retain the 1099, but no action is required.)
Contact the Alumni Relations office at email@example.com to get started.
If a chapter is associated with another TIN, the chapter is responsible for reporting event and other income. To avoid future payment and reporting requirements with the IRS, the chapter should 1) apply to dissolve the TIN, 2) pay the required dissolution fee, and 3) re-establish its bank account with the UC Regent TIN.