[Michlib-l] Friends Bank Accounts

[amy at whitecloudlibrary.org]

Our friends group had a large fundraiser this summer and has a significant
balance in their non-interest bearing checking account.  One of the members
had suggested opening a short term CD to earn interest.  Our Friends
President is concerned about what happens once the account earns interest
and the bank generates a 1099INT.  Our friends group is not a 501C3 and is
worried about then filing a tax return at the end of the year.  

 

Something that we had never thought of before, just curious what other
groups do.  

 

Thanks!

Amy 

 

 

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