Re: Savings Account
Thu, 29 Aug 1996 21:45:15 GMT
On Aug 29, 1996 10:28:43, 'Milt Forsberg <miltf@UX1.CSO.UIUC.EDU>' wrote:
>A savings account is an excellent idea. My troop has maintained one for
>least the past 25 years. You will need an ID number for tax purposes, but
>is not difficult and the bank can probably help you with that. The unit is
>taxable, so income tax does not need to be paid.
Just a reminder to you all, that the chartering organization actually owns
the account. Any interest earned can be income to the chartering
organization. Since most chartering organizations are tax exempt, this is
not typically a problem. If not sure, check with your chartered partner.
Eagle Class of '73
ADC - Area 5, National Pike District, Baltimore Area Council
CA - P1375, Prince William District, National Capital Area Council
Terry Howerton Sakima Group, Inc. SCOUTER Magazine Kansas City