How do I show Board approval to establish a checking account?
A5. Not every bank requires proof of Board authorization for setting up an account. For a bank that does require such proof, the bank will issue a form to be completed which requires such items as names and offices of board members, the date the board voted to open a checking account in the name of the organization with this particular bank, the person(s) authorized by a vote of the board to have check signing authority. To prepare, then, you must: 1) check what, if anything, the bank wants for information, 2) make sure the board takes a vote on the information the bank will require, and 3) make sure the board discusses how the account will be managed and who will have authority to sign checks releasing money from the account. The non-profit should have good financial management, but the charter school has statutory requirements for how money is handled and managed (reference book on setting up financial accounts).
