Non-Profit Business Accounts

Chicago Municipal Employees Credit Union offers Non-Profit Accounts to Public Corporations, Charitable Corporations, Charitable Organizations, and Unincorporated Associations.

There is no monthly share or checking account fee. We require the following documentation to open these accounts:

Public-Benefit Non-Profit Corporation

A public-benefit non-profit corporation is a type of non-profit corporation chartered by a state government. Public-benefit non-profit corporations are distinct in the law from mutual-benefit non-profit corporations in that they are organized for the general public benefit, rather than for the interest of its members. They are also distinct in the law from religious corporations. Some examples of a public-benefit non-profit corporation are townships, villages, schools or park districts.

  • Business tax identification number (Employer Identification Number) and Social Security Number
  • Personal Identification, such as a current driver's license or state issued identification card
  • Illinois State Business License
  • Articles of Incorporation or Certificate of Incorporation
  • Annual report or meeting minutes reflecting the current officers/directors/Signer(s)
  • Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation.

Charitable or Non-Profit Corporation

A charitable or non-profit corporation works much like a for-profit corporation. A board of directors runs the day-to-day workings of the business. In a non-profit situation, the directors are not paid, but employees of the corporation may be. During the incorporation process, the board sets bylaws to govern the group. These bylaws can mold to the changing goals of the corporation. The proceeds of the business after paying any employees and general operating expenses go to benefit a given cause. Some examples of a charitable or non-profit corporation are the American Red Cross, Father Fred and the Women's Resource Center.

  • Business tax identification number (Employer Identification Number) and Social Security Number
  • Personal Identification, such as a current driver's license or state issued identification card
  • Illinois State Business License
  • Articles of Incorporation or Certificate of Incorporation
  • Annual report or meeting minutes reflecting the current officers/directors/Signer(s)
  • Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation

Charitable Organization

A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that its focus is centered around goals of a general philanthropic nature (e.g. charitable, educational, religious, or other activities serving the public interest or common good). Some examples of a charitable organization are the Boy Scouts of America and Girl Scouts.

  • Business tax identification number (Employer Identification Number) and Social Security Number
  • Personal Identification, such as a current driver's license or state issued identification card
  • Illinois State Business License
  • Articles of Organization, Secretary of State Registration Number, or Confirmation Letter from National Organization
  • Annual report or meeting minutes reflecting the current officers/directors/Signer(s)
  • Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation

Please Note

If you're a nonprofit corporation, you need an IRS ruling letter of tax exemption under the IRC 501C. If you're unable to provide the IRS ruling letter, you must obtain a notarized statement on organization letterhead from the officers or directors, stating that the organization is exempt from tax reporting under IRC 501C.

Unincorporated Association (Club)

The unincorporated association form is usually chosen when a number of individuals agree or 'contract' to come together for a common purpose — which may be of a social nature and they are non for profit. Some examples of an unincorporated association is a bowling league or a car collector association.

  • Business tax identification number (Employer Identification Number) and Social Security Number
  • Personal Identification, such as a current driver's license or state issued identification card
  • Business name filing document, such as a Fictitious Name Certificate or Certificate of Trade Name
  • Organizing document, such as Articles of Association (if available) or bylaws
  • Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Association or bylaws