LoCoTeamDealingWithMoney
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| == Dealing with a bank == * == Transparency earns trust from donators == * publish _all_ bank statements to the web: * anonymise transactions only where needed * also publish all cash transactions (small amounts paid for making flyers etc.) |
=== Really need a bank account? === How many times has money from other volunteers needed to pass through your personal bank account? Not a major inconvenience to you yet?! Then it's not a problem. === So you really need a bank account? === Minimalist structures often suffice. In Belgium and many other non-US countries, it is possible to open a bank account for an informal organisation without too much of a formal structure in place. You just need to clearly convince the bank of a few things with a small written statement: * this is a non-profit, not a money laundery * there is at least some process in place to decide who gets to be in charge of the money * the people with access to the bank account are not likely to change a lot == Transparency earns you trust == You need trust from donors and volunteers, so publish _all_ your monetary transactions to the web: * anonymise this information only where needed * both cash & bank, incoming & outgoing transactions == Accepting donations == For some donors, it may be fiscally interesting to directly pay a bill for your locoteam. This has the additional advantage of being easier for you to administer. == Spending money == * Draw a very clear line where you want to spend money in the near future. * Have a prioritised wishlist of things that would require funding to happen. |
Rule number one: KISS - Keep It Simple Stupid!
Really need a bank account?
How many times has money from other volunteers needed to pass through your personal bank account? Not a major inconvenience to you yet?! Then it's not a problem.
So you really need a bank account?
Minimalist structures often suffice. In Belgium and many other non-US countries, it is possible to open a bank account for an informal organisation without too much of a formal structure in place. You just need to clearly convince the bank of a few things with a small written statement:
- this is a non-profit, not a money laundery
- there is at least some process in place to decide who gets to be in charge of the money
- the people with access to the bank account are not likely to change a lot
Transparency earns you trust
You need trust from donors and volunteers, so publish _all_ your monetary transactions to the web:
- anonymise this information only where needed
both cash & bank, incoming & outgoing transactions
Accepting donations
For some donors, it may be fiscally interesting to directly pay a bill for your locoteam. This has the additional advantage of being easier for you to administer.
Spending money
- Draw a very clear line where you want to spend money in the near future.
- Have a prioritised wishlist of things that would require funding to happen.
LoCoTeamDealingWithMoney (last edited 2008-08-06 17:00:04 by localhost)