Banking

Helping the club set up a bank account is vital to their long-term success and it is suggested that the set up be with a credit union that will not charge monthly fees.

They will likely need help from the sponsoring club’s treasurer due to the complexity of set up.

The club account should be set up as a nonprofit business account 501c4 as all Rotaract and Rotary clubs are designated.

They will have to have access to the EIN number of one of the sponsoring club(s) foundation in order to receive the nonprofit status and rates if applicable.

The current president, direct past president in the future, treasurer and the rotary club treasurer should all be on the account or at least have access to the online activity for informational and tax purposes.