[Theforum] what to do with donations

[Marlene Bruce]

This is to report on what I found out...

The Post Office
---------------

A post office box costs $38/year. The local post office has a 1 month
waiting list, so I couldn't get one (yet).


The Bank
--------

First we talked about the logistics of opening a business account. We
can't open a business account without a tax ID number. To get a tax
ID number we have to submit:

1. An "Articles of Association" with the Secretary of State. The guy
at the bank couldn't tell me what this is.
2. A "Resolution," which is a document listing our Board of
Directors, a description of their positions and of their signing
authority on the account.

A business account requires a higher minimum balance than a personal account.

Then we talked about a personal account:
The minimum balance for a checking account is $1000, or we'd have to
pay an $8/month fee. The cost of checks is $17 for 150.

So we still have hurdles in opening even an interim account to hold our money.

There's another issue too. If people send checks to us, if they're
made out to evolt.org I can't deposit them unless we have a business
account.

I'm going to go talk with another bank today, since they don't all
have the same policies.


Another Alternative
-------------------

The other option is I still have a bank account back in Maryland that
I can easily access and manipulate over the phone. It has a checking
account and 5 sub-accounts set up, which I used to use for different
things. I don't really use the sub-accounts any more, and could
consolidate them so that one is only for evolt.org. I would keep
money in that savings account and only transfer it to checking if I
need to write a check for evolt.org.

Does anyone object to that scenario? Feedback appreciated.

Marlene