If you collect $12-$18 dollars ($2-3 a month) dues from your club members, a $15 a month deduction can be a serious balance dwindler. You need those dues for ribbons, pins, awards and other things that can crop up.
What can you do?
Brandon Wheatley at Toastmasters International says they get calls from clubs all the time asking for advice on where they should bank. Here is what he said other clubs, especially those just starting out, have successfully done in the past -
- If the club is associated with another organization, such as a company, educational institution or a church, see if you can deposit into their bank account. This may cause issues when you have to pay new member dues to TI or purchase supplies, so be sure a procedure is in place that their accountant approves.
- Go with a local banking institution instead of a national chain. Often times they can flex the rules for non-profit, civic organizations like Toastmasters whereas the bigger banks have more rigid, corporate guidelines they must follow.
- Try a credit union. These financial institutions often have no minimum balance requirements and offers free debit cards. Just make sure they will open a "business" account.
Contact Brandon at Toastmasters International (bwheatley@toastmasters.org) if you need a copy of the non-profit exempt or 501(c)(3)letter. Some financial institutions will request that as well.
If you need help, contact the District Treasurer and Past D25 Governor, Diana Patton at dianapatton@d25toastmaster.org
Julie Cosgrove, ACS, ALB
D25 News Editor
