Cohousing-L Mailing List: Suggestions for complying with bank guidelines for opening cohousing bank accounts etc

[Thomas Lofft (tlofft]

At Liberty Village, MD, we established the Community Association with three 
Administrative Directors and a Treasurer and Secretary.

 

The three AD's and the treasurer and secretary are elected every November, on 
overlapping three year terms.  The annual budget is approved in December and 
they carry on for the subsequent year. 

 

AD's have responsibility and authority to sign documents, countersign checks 
with the Treasurer, and carry out any administrative functions required to 
complete actions approved and directed by the membership.  Typically, each 
operating Team in the CA has its own formally approved 'Charge' of its duties, 
responsibilities and authority and identifies its own convenor.  

 

The Treasurer opens bank accounts and may delegate deposits to an assistant 
treasurer who may be learning the bookkeeping system to be prepared to take 
over just in case.

 

There is no President or Executive authority.  Operation is by consensus and 
direction comes from the membership as a whole.

 

Tom Lofft

Liberty Village, MD


Date: Sun, 11 Apr 2010 13:38:22 -0700
From: Leslye Janusz <leslyej [at] gmail.com>
Subject: [C-L]_ Need Suggestions for complying with bank guidelines to
opening cohousing bank accounts etc
To: Cohousing-L [at] cohousing.org
Message-ID:
<w2ud244fefd1004111338x14f1f90eg41e46447eb6e1726 [at] mail.gmail.com>
Content-Type: text/plain; charset=ISO-8859-1
 
Our group, Auburn Ecohousing, in Auburn, CA is looking for help in how our
group can comply with guidelines for opening a bank account, or a member
operated LLC.
 
We've had "officers" in the past, elected, or selected by the entire group,
but that feels so antithetical to the concept of cohousing and consensus.
However, banks want to know who the officers are for purposes of opening an
account and who can sign on an account. In setting up a member operated LLC,
is it necessary to have "officers?"
 
What are other groups doing to show some official sort of structure or
leadership team that would satisfy banking intitutions?




                                          
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