I recently helped form a new nonprofit organization (corporation). Everyone I have asked tells me that the treasurer MUST open an account in the name of the organization, using the EIN for the corporation, but I cannot find any specific code that says that specifically. For expediency, the treasurer said he can open the account in his personal name. I have spent parts of three days searching IRS publications, but cannot find any citation that says a bank account for a nonprofit MUST be in the name of the organization, and using the TIN for the organization. I must find the EXACT CODE to convince the treasurer that the bank account MUST be in name of the nonprofit, and cannot be in his personal name. We do not have enough money to worry about 501 C(3), so rules for that do not apply. Please help!!!
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