HV Ken Posted February 29, 2008 Report Share Posted February 29, 2008 Hi, I recently took over as volunteer treasurer for a local 501c3 organization (it could be PTA or Little League, etc.). This group has never used double signatures on checks. It has always been my understanding that double signatures on checks were "required". I am wondering is this really just considered good practice, or is it a requirement? If it is a requirement, is there supporting documentation. I want to push for double signatures and am anticipating resistance, so would prefer a scenario back with facts rather than opinion. Thanks for any help/pointers, etc. Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted February 29, 2008 Report Share Posted February 29, 2008 I'll be curious to know the answer to your question too. I have in the past also been treasurer of several 501©3 organizations, and none ever had double signatures. I have seen some who do, but I was always under the impression it was up to each organization to decide if that was a feature they wanted to use for security purposes etc. I have never seen or read any documentation as what the actual requirements are. (if there are any). Quote Link to comment Share on other sites More sharing options...
Joel Posted February 29, 2008 Report Share Posted February 29, 2008 I have been the Treasurer of a 501c3 organization for several years and we only require one signature. The organization insists that all checks be written using the automatic carbon copy checks so that there is an immediate and permanent copy of each transaction. Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted February 29, 2008 Report Share Posted February 29, 2008 501©3 wow.... I didn't know I could draw circles with letters inside. Now that is cool. Wooohooooooooo!!!!!!! PS. (It's the little things like this that just make my day) PPS... (IT'S FRIDAY!!!!!!!!!!!!!!!) (quit yer yelling) Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted February 29, 2008 Report Share Posted February 29, 2008 Hi, I recently took over as volunteer treasurer for a local 501c3 organization (it could be PTA or Little League, etc.). This group has never used double signatures on checks. It has always been my understanding that double signatures on checks were "required". I am wondering is this really just considered good practice, or is it a requirement? If it is a requirement, is there supporting documentation. I want to push for double signatures and am anticipating resistance, so would prefer a scenario back with facts rather than opinion. Thanks for any help/pointers, etc. Unless your bylaws or articles of incorporation require dual signatures, there is no legal requirement that I am aware of (I am not, however, a lawyer.) I have been treasurer of several organizations, and some of them "bond" their officers and the bonding company may require dual signatures. Those are the only circumstances where I am aware there is a dual signature requirement. Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 29, 2008 Report Share Posted February 29, 2008 Our church Finance Committe has at various times required dual signatures on checks exceeding a certain limit (usually $1000 or $1,500) issued by staff, but I've always regarded that as an internal control matter for their own proctection. I've never known of any legal requirement for dual signatures for any type of organization. Quote Link to comment Share on other sites More sharing options...
Booger Posted February 29, 2008 Report Share Posted February 29, 2008 I'm not a treasurer of a 501©3 organization, but I play one on TV. Booger Quote Link to comment Share on other sites More sharing options...
ajuroff Posted February 29, 2008 Report Share Posted February 29, 2008 I am the Treasurer of our County Cancer Service (501C3) and we are bonded and only require 1 signature. We do have carbon copies of checks, and any checks I write are first approved through the President. (except the monthly answering service bill..it's a given) So there is a sort of internal control going on. Quote Link to comment Share on other sites More sharing options...
OldJack Posted February 29, 2008 Report Share Posted February 29, 2008 >>wow.... I didn't know I could draw circles with letters inside. Now that is cool. Wooohooooooooo!!!!!!! << Here are a few others. Hold down the Alt-key and enter numbers on the 10 keypad: Alt 0167 = § Alt 0169 = © Alt 0174 = ® Alt 0188 = ¼ Alt 0189 = ½ Alt 0190 = ¾ Alt 0176 = ° Alt 0177 = ± Alt 0162 = ¢ Alt 0182 = ¶ . Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 1, 2008 Report Share Posted March 1, 2008 But can we still do the musical notes? I forgot how that's done. Quote Link to comment Share on other sites More sharing options...
ann newman Posted March 1, 2008 Report Share Posted March 1, 2008 I once had the dubious "pleasure" of being PTA president. I believe the answer lies in your bylaws first which probably don't require dual signatures. Then look to your insurance and bonding company. Our bonding company required double signatures to prevent embezzlement. I did call them because all our checks had only one signature line and previously, we had only used one signature. The bonding company obviously preferred we use two signatures so whenever possible, we just signed one officer below the other. I spoke with other PTAs and many did not use the double signatures even though they were supposed to. Another overlooked issue is separating the monthly bank reconcilation from the person (usually the treasurer) who prepares the monthly financial report. According to our bonding company, two different officers had to perform these duties. Our bonding company let this one pass as long as the PTA compiled with using an audit committee at least annually that did not include the treasurer. Hope this helps. Ann Quote Link to comment Share on other sites More sharing options...
Cathy Posted March 1, 2008 Report Share Posted March 1, 2008 ☺ ☻ ♥ ♦ ♣ ♠ • ◘ ○ Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 1, 2008 Report Share Posted March 1, 2008 ♪♪ ♫ ☼ ► ◄ ↕ ♫ ♪ ‼ ¶ § ▬ ↨ ↑ ↓ → ← ∟ ↔ Such fun Hold the Alt key down and push numbers ☺☺☺☻♥♦♣♠•◘○◙♂♀↑∟▲ It is a sign of toooooo many depriciation schedules when doing that becomes relaxing.... Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted March 1, 2008 Report Share Posted March 1, 2008 ♪♪ ♫ ☼ ► ◄ ↕ ♫ ♪ ‼ ¶ § ▬ ↨ ↑ ↓ → ← ∟ ↔ Such fun Hold the Alt key down and push numbers ☺☺☺☻♥♦♣♠•◘○◙♂♀↑∟▲ It is a sign of toooooo many depriciation schedules when doing that becomes relaxing.... ......sigh....... so much to learn...... so little time. (but oh so cool) ☺ Quote Link to comment Share on other sites More sharing options...
zeke Posted March 1, 2008 Report Share Posted March 1, 2008 The symbol I really want is the "=" sign with the squiggly over it. It means approximately. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 2, 2008 Report Share Posted March 2, 2008 ☺ ☻ ♥ ♦ ♣ ♠ • ◘ ○ ² ³ ´ µ ¶ I really need to get some sleep! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 2, 2008 Report Share Posted March 2, 2008 Your bank will probably ignore any corporate resolution you give them that requires two signatures anyway. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted March 4, 2008 Report Share Posted March 4, 2008 ≈ Only choice I know of for 'computerized' approximately. Quote Link to comment Share on other sites More sharing options...
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