[committee] Membership 2008

[Davyd Madeley]

Actually I'm told that unincorporated assocations can hold bank
accounts. Perhaps I was thinking that they cannot take out loans.

That said, submitting change of signatories paperwork with a bank
every year is a PITA. Just ask the 07 Swancon committee.

--d

On Mon, May 19, 2008 at 02:29:11PM +0800, Davyd Madeley wrote:
> On Mon, May 19, 2008 at 02:16:00PM +0800, Scott Young wrote:
> > 
> > Is there anything /requiring/ us to use Guild banking? As far as I can
> > tell, the main advantage of using a Guild bank account is that there
> > are no fees -- but the complete lack of netbanking is a bit crap.
> > Maybe we could open a supplementary account with Westpac -- they might
> > have cheap accounts for non-profits, and even if they don't, interest
> > $1000 or so in the account for a year will make more than enough to
> > cover the fees. We often have a lot more than that much money, too, so
> > it would more than likely generate us a hundred dollars or so every
> > year.
> > 
> 
> The thing to be aware of is that the UCC is not a legal entity. This
> means that it cannot hold a bank account.
> 
> For the UCC to hold a bank account it would need to incorporate
> which would open it up to a lot of liability that is currently
> deflected at the Guild. It think it would require us to submit to
> yearly audits to maintain not-for-profit status and a whole bunch of
> dicking around for very little appreciable gain.
> 
> Additionally, having our money held in trust by the Guild allows the
> Guild to generate revenue off club funds while we're not spending
> them, thus enabling grants and handouts to a greater value than we'd
> create in interest off a $3000 bank balance. It's a win-win
> situation.
> 
> --d
> 
> -- 
> Davyd Madeley
> 
> http://www.davyd.id.au/
> 08B0 341A 0B9B 08BB 2118  C060 2EDD BB4F 5191 6CDA
> 

-- 
Davyd Madeley

http://www.davyd.id.au/
08B0 341A 0B9B 08BB 2118  C060 2EDD BB4F 5191 6CDA