Legal Question in Business Law in Illinois

Re: Donations

Hello. In my opinion your reunion committee should obtain a tax i.d. # and all monies collected should be reported as not-for-profit

proceeds. A proper bank account should be opened

for the deposit of all the funds collected and

there should be named members on this particular

scholarship committee. Any and all related

printed material should outline the purpose of

the funds, namely that the funds are being used

to establish a scholarship. Furthermore, there

should be a written criteria used for awarding

the scholarship to a specific student. I will

be happy to answer any additional questions you

might have.