Wednesday, September 15, 2010
Bank Account
In the past I have established bank account for non-profits to use as they are getting organized. Today when I went to BofA to ask if this was still possible, I was told that the new banking laws do not permit it. BofA requires copies of the articles of incorporation, corporate resolution, and proof of non profit status. If we start collecting pledges, prior to the incorporation, we will have to be creative. Is it possible to have another non profit accept the pledges on our behalf and hold them in trust? Could we find a "mentor" organization. Others out there may have had recent experience along this line. Jim
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Thanks for looking that up. I think we can find a "mentor" center to affiliate with until we are all grown up to accept the donations legitimately. I'll start looking into that.
ReplyDeleteYes, HandMade in America served in this capacity for a number of nonprofits who received grants. The local bicycle club just got nonprofit status...I can ask them what it entailed as I have been involved with them over the years. If Hun knows of an agency already in place, that's great. Mountain Bizworks may be one option. The Community Foundation is another avenue,but more limiting with how much dough you can spend. I've got some connections with the nonprofit world here in Asheville, so I can ask around as well.
ReplyDeleteLaura - please do ask around. We need to ride the momentum AND continue to develop momentum.
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