I started a PayPal business account for a non-profit organization to receive registrations for one of our events as well as for donations. Now I'm stepping down from the board and all of my responsibilities are being taken over by a new treasurer. It appears that the name on the account cannot be changed from mine to that of the new person who is responsible for handling the organization's money. The organization is incorporated in our state and has an EIN, a 501.c.3 determination, and a bank account in its name. As I understand it, though, the only thing that can be done now is to close the account in my name and open an entirely new one in the new treasurer's name. Our history will be lost as will the code we've created for buttons used on our website. And when the new treasurer leaves the board, then the process will have to be done again.
I'm afraid I don't understand this insistence on keeping the account tied to an individual rather than to the organization. Am I missing something? Is there a way to simply change the name?
