SHOW ME THE MONEY

Real People - - MUM FOR A MOMENT -

● Rick Smith, man­ag­ing di­rec­tor of fi­nan­cial ad­vis­ers Forbes Bur­ton, shows how best to man­age the com­mu­nal cost… Q: Where should com­mu­nity groups store their money?

A: Com­mu­nity-funded projects are very sim­i­lar to char­i­ties, so they should open a sim­i­lar type of bank ac­count. This is usu­ally free, but you need to prove you are a not-for-profit or­gan­i­sa­tion. Q: Who should have ac­cess to the ac­counts?

A: Make sure the ac­count is set up so that at least two peo­ple are au­tho­rised to sign cheques or ap­prove with­drawals. Name a pool of peo­ple as ‘sig­na­to­ries’ for the ac­count. Q: How can groups plan their fi­nances? A: Set­ting up a com­mit­tee is a good idea to keep fo­cus of the club’s ac­tiv­i­ties and del­e­gate re­spon­si­bil­i­ties. A treasurer should also be ap­pointed to keep records.

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