Question: Parent Group Accounts
Our charter school has always had control over our Parent Group money, and we would like to have our own bank account. I was told it is illegal for a school and parent group to "co-mingle" funds. Is this correct? Our school administration is concerned with our request to open our own account, and would like our officers to agree to become bonded before opening our own account. Is this really necessary?
Asked by Anonymous
Advice from PTO TodayRockne writes:
Hi - There are really several questions in there. I'll try to offer some insight: 1) RE: co-mingling of funds. That's a fancy word that sounds all kinds of bad, but there are tons of groups where the parent organization has a dedicated account under the school umbrella. That's not illegal on its face, but in a lot of ways it does make your group a part of the school (as oppoed to independent). That's fine for many groups. 2) RE: bonding. Not sure what the big concern is, but -- no matter -- bonding and other insurance policies are a good idea, in general. Lots of good info on bonding and insurance at www.ptotoday.com/insurance Tim
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