Regional Club Bank Accounts

[jrhayslip]

I'm looking for a consensus on how a Regional Club's bank account should be setup. Are most of the Regional Clubs incorporated as a non-profit? Bank wants an FEIN and copy of bylaws to set up the account in club's name. Or do most of the clubs setup an account under a member's/Treasurer's SSN?

[carlite65]

we are a 501-C7 here in kentucky. it is in the clubs name. we have two members authorized to access it.

[probkauz]

Same here in Oklahoma, two signers, their info, FEIN, and the club by-laws. Protect yourselves, be careful with who has access.

[jrhayslip]

Thanks. I'm a CPA, so hopefully I know the control issues, and know the right thing to do is to organize as a 501-C, but was curious if the regional clubs were actually doing that.

[probkauz]

We are very conscience of our responsibilities as a regional chapter as well as MCA members, our by-laws and checks and balances are tupperware tight, lol

[mustang_fan]

We are also a 501C and have tqo signers as well. We even go over the bank account at our club meetings so everone knows what the staus of the account is...

[probkauz]

Our records are open to members and officers as well.

[jrhayslip]

Did your clubs get your own FEIN (Federal Tax ID #) or are you using the MCA's?

[gtpony94]

Regional clubs can not use the National Organization's FEIN. They must obtain their own.
Steve Prewitt