We often get asked by chapters how and where they should open a bank account for money they raise for their activities throughout the year. Here are our top three suggestions:
- Option #1: You can find out if student activities or the campus ministry department on your campus offers banking options for recognized organizations. Sometimes, there is even funding offered through the school if you are recognized.
- Option #2: You can work with a local parish to set up a fund through the parish. How that is done would be at the priest’s discretion and probably with the input of his parish council president.
- 2A: The parish could open a separate account for you that could be managed by your priest and lay coordinator (ie, they would sign the checks).
- 2B: The parish could add your chapter’s funds to the parish’s operating account. Basically, your OCF chapter would be a line item in their annual budget, and any money you bring in would be earmarked in the main parish account for chapter events.
- Option #3: You could open a separate account on your own at a bank of your choice. You can even apply for your own EIN number here. We don’t particularly suggest this option–it’s more of a last resort–simply because it will just cause you extra work when students graduate in passing on the account information, signature approval, etc.
If you have questions on setting up your account, send them our way at email@example.com!