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To: gentoo-nfp@g.o
From: Blackace <blackace@g.o>
Subject: Re: Gentoo Foundation bank account
Date: Wed, 13 Aug 2008 17:20:54 -0700
On Wed, 2008-08-13 at 16:57 -0400, William L. Thomson Jr. wrote:
> On Wed, 2008-08-13 at 17:28 +0000, Ferris McCormick wrote:
> >
> > I have no idea what Capital One will want --- William does, though.
> 
> No requirements, one or more and they can be officers or trustees. They
> did not seem to care. That might change when we actually go to open an
> account. But as it stands now. We specify who we want on file with
> signature/authorization authority. It does not have to be all officers.

But it should be, putting all of Gentoo's financial assets under the
control of one or two people increases the odds of problems...say one
gets in a car wreck and one...I don't know...buys it in a terrible soft
serve machine accident in the dev lounge... :)

Also remember, when a corp opens a bank account (or makes really any
other decision about the corp), the officers of the corp, which I gather
is the trustees at this point, need to meet and vote on a resolution to
open the account, and this needs to be documented in the books of the
corp...yes, a lot of people skip this step, but skipping it's generally
not a good idea, it's easy enough to meet and say "let's open an account
with XYZ", "second", etc., and the president could just print out the
IRC log, sign it, and send it to the secretary for their signature and
to store it with the rest of the records.

Not maintaining good records could easily lead to NFP status being
stripped or the corporate entity being forcibly dissolved, not worth the
risk.



Replies:
Re: Split Trustees and Officers organization was -> Gentoo Foundation bank account
-- William L. Thomson Jr.
Re: Control of Funds SPI/Bank was -> Gentoo Foundation bank account
-- William L. Thomson Jr.
Re: Gentoo Foundation bank account
-- William L. Thomson Jr.
References:
Re: Gentoo Foundation bank account
-- Roy Bamford
Re: Gentoo Foundation bank account
-- Ferris McCormick
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Updated Jun 17, 2009

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