Best way to deal with money to start with?

Stefka_2

Hello,

I poseted a few days ago and got great advice about wanting to start up a theatre group for young people which I hope to turn into a non-profit type organisation of some kind eventually but initially just wanted to get it started to see if there is any interest before asking people to be trustees etc.

I am wondering how best to handle the money to start with. Should I try and open some kind of business account for it? Seems weird to have it going through my personal account. I would like to get the coop community account eventually but they require a board before I can apply and I am just not at that stage yet.

Stefka_2

Posted not poseted!

easyhost

Stefka wrote: »

Hello,

I poseted a few days ago and got great advice about wanting to start up a theatre group for young people which I hope to turn into a non-profit type organisation of some kind eventually but initially just wanted to get it started to see if there is any interest before asking people to be trustees etc.

I am wondering how best to handle the money to start with. Should I try and open some kind of business account for it? Seems weird to have it going through my personal account. I would like to get the coop community account eventually but they require a board before I can apply and I am just not at that stage yet.

most banks have accounts designed for non profit /community groups. speak to banks they will be able to help

Stefka_2

I called the coop this morning, the problem is that I don't have a board yet, didn't want to get one until I was a bit more confident that it was all going to work so was just going to get the group up and running first. I can't open a community group account without a board so need something to tide me over in the mean time.

Horace

There are other banks. I know that banking with the co-op is great but try a different bank and look for a Treasurer's Account (I think that is what it is called) you won't need a board for that. You could always open a Treasurers Account at another bank and when you have a board, you could switch to the Co-op.

Savvy_Sue

You might not need a 'board', but for almost any of these accounts you may well need at least one other signatory.

Also I'm pretty sure you wouldn't have to call it a 'board': if you think you can get 2 or 3 people interested in joining a 'management committee' or similar, I'd have thought that would do the trick, even if you end up doing most of the work initially.

If you don't want to pursue this, I'd at least set up a different personal bank account and keep it just for the group.