Banking Q&A for Captains

A Captain of one of our retreats sent this e-mail message concerning their retreat’s bank account: “In order for me to open a bank account for the retreat I need: 1) Certificate of Incorporation or proof of filing statement of non-profit status (501 8c) and 2) TIN (tax identification number).”

Here are answers to this question: According to our CPA, Captains cannot open bank accounts using the SRL numbers, unless they are processed through the SRL accounting system and reported on our annual IRS returns. That was one of the main reasons that we started registering people through the SRL office – Federal requirement. Here are some of the options:

1. Sometimes Captains can open a special bank account that is connected to their personal banking and avoid service charges.
2. Since there will not be very many checks written, a Savings Account is what some Captains use to avoid having their funds used up by service charges.
3. Through the end of your retreat in 2009, Mona at the SRL service office can still bank for you in the SRL account in Memphis and send the money to you or to the retreat house and leader when the time comes. Call Mona if you want to explore this further.

One retreat found a special deal for a free checking account available if they opened the account online. The account is a personal checking account in two names, so either Captain can sign checks. Retreatants make the checks out to either Captain to be deposited into the account.

Should the bank ever decide to charge them a monthly fee then their ‘Plan B’ is to immediately close this account and open a free savings account in whatever bank is convenient at that future time.

We hope this is of help to other Captains.