We officially incorporated the Baltimore Node today. As far as
Maryland is concerned we are a non-profit corporation. We still need
to file with the IRS for tax exemption status under 501(c)(3). We
should try to do this in 2009. The cost for that will be $750, so
we'll need to do have some fundraisers in the coming months.
We also filed for an EIN number and Adam and I opened a free business
checking account at SunTrust this afternoon. I will maintain the
ledger until we have an official treasurer. I will keep this
spreadsheet in sync with the account so everyone can see what's going
Quick details on the bank account:
-There are no maintenance fees or minimum balance
-We can process 150 transactions a month for free ($0.30 each there
after). So deposits from 30 members and 1 check for rent would only be
-Adam and I will each have a Baltimore Node Checkcard. The card has a
visa logo and can be used anywhere visa is accepted
-We got 8 starter checks and opted not to buy checks unless we need them later.
-Bills, like rent, can be paid online for free. In this case the bank
prints a check and mails
-We can add additional check signers to the account. Either Adam or I
need to go in with the new person. We'll add whoever is elected
president and treasurer.