Does a school fundraising group (not 501c3 or incorporated) need to report monies received to IRS?

501c3 are required to report reveneus and expenditures on form 990 or 990 EZ (if ets are less than 250K) as long as revenues are greater than 25K. If you don't file and you are caught, it is a bear to get out from under penalities. You could also lose your 501c3 status.