Re: Need Suggestions for complying with bank guidelines to opening cohousing bank accounts etc
From: Lynn Nadeau / Maraiah (welcomeolympus.net)
Date: Mon, 12 Apr 2010 20:28:07 -0700 (PDT)
RoseWind Cohousing, Port Townsend WA
We are a mutual benefit nonprofit corporation with a homeowners association. As a corporation, we need to record officers annually. It's very simple: the Treasurer and Secretary are actual work jobs, for which people volunteer annually; President and VP are totally "titular": they have no powers except to sign for us legally once a year or so, as needed for something. Bank accounts can have whatever signers we designate. We've actually been quite intentional about not connecting president and VP with any other real functions. Our documents say the entire membership is the Board of Directors.

Any of your officers have only the powers the group designates. Even our Steering Committee acts "at the direction of the Membership". At some point we created a document for each committee which explains what that committee does, including what mandate they have for independent control of various areas, vs what they need group approval to do. Every couple of years, committees update their description to try to keep them congruent with actuality.

(You may have other requirements to deal with if as a group you have financial obligations such as mortgages: in our case we had no institutional financing other than whatever individuals arranged for their personal homes. )

Maraiah Lynn Nadeau
from a tropical garden, on Maui where I yesterday welcomed a little sister for my grandson. Born at home, very peaceful. Another week and I'll be back on task at home in the Northwest

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