Question

We are a non-incorporated body who are a not-for-profit sports organization.  We raise all funds ourselves and our members pay monthly dues and we have a bank account in our name.  Our question is whether there any Revenue implications to holding a bank account?  Do we need to fill out annual tax return forms or inform them of the existence of our bank account?  Any help or advice would be greatly appreciated!

Comments

paul.meade's picture

Thanks for your

Thanks for your question.

First of all, yes, you will need to full out annual tax return forms for any income the organisation takes in. As the following article on the subject of unincorporated bodies makes clear, "members of the association may find themselves personally liable for the actions or debts of the association". You therefore will want to ensure prompt financial reporting at all times.

I do not think that there are specific implications relating to holding a bank account per say, but (obviously) the issue is what you do with the bank account. I am not sure of your organisations specific circumstances, however, if you are not already registered for tax exemption, please download the following form, about how sports organisations should go about applying for tax exemption: http://www.wheel.ie/sites/default/files/gs1.pdf

I also recommend you examine our Forming a Charity section here: http://www.wheel.ie/you-and-your-organisation/forming-your-charity

Finally, if you have any additional questions arising from this, ask away!

Paul