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My wife was recently asked to be the treasurer for a small, local political organization. When I say small and local, I mean that she may watch about $1,000 come and go over the course of the year, and that's only if they are lucky. I think their current assets include only $200 IOU. They (being her friends) would like her to open a bank accout for the group, presumably to be funded by turning the IOU into actual money. I guess she would end up periodically writing checks to cover yard signs, or t-shirts, or whatever else makes the wheels of small, local politics turn. Can anyone direct me to resources that might explain how best to deal with this situation? I want to support her fledging local political group, but I really, really don't want this to look like unreported income in the eyes of the IRS, or something else what wouldn't go well in an audit.
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