I said that I would look into fundraising, but before I get to far into it I need to know about a 501(c)(3) number. A checking account is also going to be needed, and the checks should also require two signatures.
Here are the names of the Home and School Presidents for the High School Home & School it is Laurie Medendorp and Prospect is Bonnie Cleaver. I forget who it is at Norwood and I do not know Tinicum or Glenolden.
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I know we to sort this out soon but let's bring this up as a topic at next week's meeting. I'm hoping that some of the new people that join us may have an idea.
ReplyDeleteMargie was checking on a few things. I will explain my concern on why we should have our own. Story is best told in person, I will explain we it is just us.
ReplyDeleteI sent Steve the info on a bank account via sneaker mail (Andrew to Paige, Page to Steve) He gives it a 25% chance on making it.
ReplyDeleteThe Credit Union offers a savings account that yeilds 7% interest on the first $500.00 then drops down significantly after that. They offer a free checking account to go along with it.
The one draw back is that they can not support 2 signatures on a check.
To open the account we would need atleast 2 signers to go to the CU at the same time with 2 forms of ID, the 501 (c) 3 number, tax ID number and a copy of the approved meeting minutes stating that the credit union is the place we want the account and the names of the people.
They also said that when we do fund raisers they will support us in any way, give aways, be on site with the cash cube, etc.
Check other financial institutions to see what they have to offer.
ReplyDeleteIf they want two signers then they should have two signature lines on the check. Some groups/businesses have even three lines on the checks for signatures. Which consists of the Treasurer, President, Vice-President or Secretary.
ReplyDeleteYou don't need a savings account.
Check Wachovia, PNC, TD Bank.. non-profit checking.
Non-Profits require that every check have two signatures. This would prevent someone writing checks out to himself (as I have seen happen in an organization around here). The requirement of having two signers on a check definitely can slow things down and prove cumbersome. But loss of efficiency and convenience is a reasonable price to pay for protecting an organization’s scarce resources.
Jim, when you say that FMFCU can't support 2 signatures on a check do you mean they won't put 2 lines on the check or 2 people can't sign the check? I know is sounds like a dumb question but when we did the wrestling boosters they bank we used wouldn't put 2 signature lines on the check, but we had 2 people sign each check.
ReplyDeleteThat is not a dumb question Margie... Even if the bank can only put one line, it should have 2 signatures on it.
ReplyDeleteThey only want one signature. I do agree that we should require 2 signatures. What ever you want to do regarding accounts is fine with me. I was only providing the information I was asked to get.
ReplyDeleteI do know that TD back has a minimum amount for a business account. The credit union does not.
The savings account at the credit union was mentioned because it is interest bearing which isn't offered by some banks.
Other banks have non-profit accounts, which is what Yellow Ribbon is. A business account is not what is needed. Home and School which is a non-profit uses TD Bank and there is no minimum amount. PNC and Wachovia have non-profit checking accounts also. I checked their websites yesterday to see what they had.
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