Gentoo Archives: gentoo-nfp

From: Kumba <kumba@g.o>
To: "William L. Thomson Jr." <wltjr@g.o>
Cc: gentoo-nfp <gentoo-nfp@l.g.o>
Subject: Re: [gentoo-nfp] Gentoo Foundation bank account
Date: Sat, 02 Aug 2008 06:23:50
In Reply to: [gentoo-nfp] Gentoo Foundation bank account by "William L. Thomson Jr."
William L. Thomson Jr. wrote:
> Over the past several weeks, and possible months. The Gentoo Foundation > board of trustees has been discussing a bit on IRC and in direct private > emails, the available banking options for Gentoo. Starting with the more > major institutions like Chase, Citi, Bank of America, and Wells Fargo. > > The first issue we ran into was that no one lives in New Mexico. Some > banks require a branch be within 50 miles from registered address. > Others any address in the same state. Neither of which was a major road > block. Until both required that we physically go into a branch to sign > papers and open an account. Being that no Officer lives in New Mexico. > That is not a practical option. Which ruled out both Chase and Citi. > Chase required 50 miles, Citi within the state. > > Now Bank of America seemed to be a viable options with their online > application. But a call to Bank of America reveals a few things. First > that the application process could not be fully completed online. Second > that all officers would have to go into a branch to sign final paper > work. Third, Bank of America California is on a different system than > Bank of America in all other states. So if we needed to do anything in > California, where the foundation treasurer currently resides. We could > not. Bank of America really is not an option at all. > > So far Wells Fargo is the only bank that will allow us to open an > account remotely. With no one going to New Mexico. Plus they have > branches in other states. We could visit and use for any business, > including changing signers or officers on the account. Not to mention > Wells Fargo seems to be best positioned for accounts where one or more > of the officers are not US Citizens. However Wells Fargo does require > any international officers have a US Federal ITIN (International Tax ID > Number ) and provide a photo ID, license or passport. > > Unfortunately our current president lacks a photo ID atm, ETA is like > 6-8 weeks for that, 4-6 weeks for ITIN. Applications can overlap time > wise. Or another direction, we can remove him as an officer, remaining > as just a board member. Which board oversees officers. So just a paper > change. > > We were proceeding with Wells Fargo. I had called them, provided > Foundation and personal info to get the account application underway. > Which it still is but will expire on the 8th. We have not committed to > proceeding with Wells Fargo, and frankly seem to still be shopping > around. > > Which is where we are at. We are opening this up to the community. > Firstly for transparency. But secondly to get input and suggestions fro > the community. Other banks we haven't tried etc. > > We did bring up and consider an international bank account outside US > borders. But not sure how practical that will be. > > Also there are some issues with any bank account, and officer turn over. > We would not only have to update filings with the state. But with the > bank as well. Which might require two people to physically go into a > location/branch. To prove they are the existing signer, and to pass on > authority to another. > > So turn over wrt to the bank account is likely going to be a PITA. Thus > something needs to be discuss, done, etc wrt to Officer terms. I think > some of that might be in the new bylaws. If not, will likely have to add > a revision soon. > > While several on the board felt this was a far off scenario. It looks > like we have a current board member ( maybe two 2nd being me ) > resigning. So this scenario of officer turn over, is not so unlikely or > far off. > > Anyway that is were we are at. Really no where, other than ruling out > options. We can proceed with Wells Fargo but there is work to be done. > Much less time to obtain Photo ID and ITIN which we can't expedite. > > I am at like 10+ hours into this, and really almost at my max time wise. > Before we must start showing some progress. Otherwise I consider the > time a total waste. If the final goal is not accomplished. We have spun > the tires, flung the mud, etc. Hopefully we will get it resolved sooner > than later. > > We are pretty open at this time. What ever it takes, and with any bank. > So long as we can get a bank account for Gentoo ASAP. No point in > gathering or planning to spend $. If we have no where to store or > distribute it. Can't even do much atm with PayPal till we get a bank > account on file with them again. > > Really stuck, and if the community can help bail us out. That's what > it's all about :) If not, guess we will have to bite the bullet with > Wells Fargo and might have an account with them in a few months.
Well, I don't know much, but the bank my job uses is a new bank I believe, growing fast, and apparently eager to earn new business. What that translates into, I have no idea. Worth a shot, though. They're not located in NM, though, but in MD, so that may or may not be beneficial to us. Nor do I know if they require in-person meetings for new accounts. Worth a shot it sounds like. If I can remember next week, I'll ask one of the finance people if they know of banks that fit the bill for this. They're pretty bank savvy, so they might know a few names. -- Joshua Kinard Gentoo/MIPS kumba@g.o "The past tempts us, the present confuses us, the future frightens us. And our lives slip away, moment by moment, lost in that vast, terrible in-between." --Emperor Turhan, Centauri Republic


Subject Author
Re: [gentoo-nfp] Gentoo Foundation bank account Ferris McCormick <fmccor@g.o>
Re: [gentoo-nfp] Gentoo Foundation bank account "William L. Thomson Jr." <wltjr@g.o>