300-FMFinancialGuidelines_TroopLeaders (1).doc

300-FMFinancialGuidelines_TroopLeaders (1).doc - Financial...

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I. Setting up Your Bank Account When setting up your bank account, select a bank that is convenient for you and your co-leader and/or signers on the account. After you have selected the bank that meets your needs, contact GSCB Finance department to obtain a letter prior to opening a checking account. You will need to provide the Finance department, via email , with the following: 1. Troop/Service Unit (SU) number 2. Signers on the account 3. Address where the statements will be mailed (not GSCB’s address) 4. Bank name, address and fax number 5. Contact name GSCB will fax a letter within 2 business days with the required information to your chosen bank. You will then be able to open a checking account ( NOT A SAVINGS ACCOUNT ) in the name of Girl Scouts of the Chesapeake Bay, troop or SU number (fill in your troop or SU number). Please use one of the signers addresses for all correspondence, not GSCB’s address . Do not put an address on the checks unless required by the bank. GSCB’s Tax Identification Number (51-0064337) should be used in place of a Social Security number. The account is not a corporate account even though it has GSCB’s name in the title. The bank will provide you with a signature card that you must complete to let them know who will have check signing authority to spend troop funds. Signers on the bank account can NOT be related nor reside at the same address. You may get a bank account “credit card”. This card would be accepted anywhere credit cards are accepted, but SHOULD NOT have cash withdraw capabilities. As a form of cash control and protection, the following persons should be listed on the signers card: Troop: Troop leader Troop co-leader Troop treasurer SU: SU Manager SU Treasurer Additional Service Team Member You should require two signatures on every check. This way, you are not the only one responsible for spending troop/SU funds. Here are some procedures that will assist you in managing your bank accounts: 1. Deposit all money, cash or checks, into the account promptly. 2. Pay for everything troop related with a troop/SU check or debit card. This will leave a written trail of your expenses. Always identify a payee – DO NOT make checks payable to CASH. Do not keep petty cash on hand for purchases.
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  • Winter '15

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