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Any Tractor Club Treasurers on here?

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INCase
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Joined: 22 Jul 2002
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Location: Indiana

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PostPosted: Wed Dec 13, 2017 7:32 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

i've been president of a couple clubs. We've always had the president and treasurer on the account but only 1 signature needed mostly due to convince. but had 2 people on the account for 1, a 2nd set of eyes has access to see what's going on, and 2, in case something happened to the other and 3, occationally needed for convenience if the treasurer was unavailable

Look at your state laws for 'non-profits" and see if there are any rules/laws that might require 2 signatures as somemone mentioned below. that way you can bring it up without looking like you don't trust someone.


our local banks are pretty fussy about who is on the account to the point of having to have official meeting minutes outlining when said person was voted into the office and a copy of our by-laws.

if your treasurer is of poor health you should definitely at least get a second name (officer only) on the account in case something might happen the club can still function in the short term.
 
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DoubleO7
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Location: Crystal River, FL

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PostPosted: Wed Dec 13, 2017 7:35 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

Having only one signature required is okay if you trust that person.
Having two is more common because two people have to be "in on it" if a ripoff is happening.

However, the checking or any other bank account needs to have at least two people on the account.
This holds true for your personal accounts as well.
If only one and that person dies or leaves town, has a stroke, etc. the accounts are frozen until legalities are sorted out.
And likely the lawyer fees to untangle the mess will deplete what funds were in the accounts.
 
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3020G
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Location: Boonville,IN

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PostPosted: Wed Dec 13, 2017 7:38 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

I'm not an officer or director of our club but I do attend most meetings. Our treasurer gives us a print out (enough copies for everyone in attendance) of cash inflows and outflows for the month, the year, and the bank account balance. This way it's transparent and everyone can see what's going on at every meeting. We have monthly meetings. Very rarely has anyone seen any issues with our books.

I remember one time somebody calling out a misspelling of a vendor....
 
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Naylorbros
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PostPosted: Wed Dec 13, 2017 8:51 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

I am not a tractor club treasurer but one for the local county Farm Bureau. By our bylaws we are authorized to have up to three names on the bank account, the president, vice president and the treasurer. Our bylaws also require two signatures per check. I wish that would change to that one signature is good for check of say $500 and down and two signatures for $501 and up. It would make my life a lot easier where we only meet once a month. But what most people need to remember is that if they read the account holder agreement the bank will cash any check presented even if it only has one signature and two are required by the clubs internal controls.
Ken
 
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tomturkey
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PostPosted: Wed Dec 13, 2017 9:00 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

A trustworthy treasurer is a treasure. Its an arduous job that takes up an individuals "personal" time. So if you have someone willing to do it make sure and thank them. They don't just get to attend meetings, they must work to prepare for the meeting, be ready with explanations of who what where and why, possibly printing out spreadsheets of the months transactions and year end reports. Of course oversight is always good for the club and individual. The bank had a card on file of who could sign checks for a club I belong to. The problem is the card held the names of the last 3 or four treasurers and presidents. It was never a problem, but Make sure the bank also updates with each change in leadership. And again thank the treasurer the busiest bee in the club. jmho gobble
 
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Ted in NE-OH
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PostPosted: Wed Dec 13, 2017 9:05 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

I am a VP of an Antique Engine Club. , we have a number of people who can sign checks, and if the check is over $300 it requires TWO signatures. We also do a yearly audit as a previous treasurer embezzled $60,000+ over a few years, she was sentenced to two years in prison. We learned the hardway.
 
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JOCCO
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PostPosted: Wed Dec 13, 2017 2:45 pm    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

Others have covered it but have two people on the account incase one gets incapacitated. You can still operate. Depending on size and dollar amount it may be best to have two signature on checks over so much and petty checks (like $18 one will work) At least once a year have a cpa do the books unless it is a small outfit small dollars then do it with the board in house.
 
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accumulator
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PostPosted: Wed Dec 13, 2017 6:16 pm    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

I am a treasurer. Secretary and vp have access to the account if I die.
 
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504
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PostPosted: Wed Dec 13, 2017 6:55 pm    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

I am on the cemetery board here here(total non government deal in Missouri) My Mother in law was the treasure. Everything was fine till she lost her mind. It took a couple of weeks to get a good day so we could get the check book, now we have two signatures on the account. It does not need to be a theft to really screw thing up.
 
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old bc
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Location: Augusta, Arkansas

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PostPosted: Wed Dec 13, 2017 10:19 pm    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

Not a club but my high school class has a local bank account.
We always have 3 members who have access to the account
although I write all the checks. I give each class member a complete
printout of the bank activities when we have a reunion.
 
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