When you have a memorial or scholarship fund, you want to do all that you can to keep it in good standing. With so much work going into establishing the memorial or scholarship fund, the last thing you want to do is for it to fall out of compliance with the Internal Revenue Service. This is why you need to address early on whether or not you have your Tax ID (EIN) number handy and as a necessity to run the organization.
The memorial or scholarship fund is similar to a company in that you will have funds coming in, you need to manage them, and also pay them out appropriately. You will likely have volunteers or maybe even an employee helping manage the fund. You will need a bank account to hold the funds, as well as individuals to help with the administration of it. With all of this, you are checking off all of the requirement boxes about the Internal Revenue Service’s checkboxes for an employer tax identification number.