If your organization is planning to set up an account outside of Cal State L.A.’s Credit Union, here are a few tips to help make transactions and officer access a little easier:
- Establish a Taxpayer Identification Number. This will allow the organization to act as the trustee of the account, and the activity on the account will not reflect an individual’s credit history. Banks are increasingly reluctant to start new accounts or even continue old ones when organizations do not have Internal Revenue Service Section 501(c) (registered charitable organization) status and/or are not incorporated.
- Check for fees and charges. Some banks require a minimum balance in order for the account to remain active. Maintain the account and keep members and new officers informed. When organizations do their banking off campus they sometimes see substantial account balances lost or closed (funds revert to the State Treasury in Sacramento) as leadership changes occur over the quarters or when a group ceases to exist.
- It is important to understand that the Center for Student Involvement will not be able to assist organizations with on and off campus bank accounts.