Not a good idea. There's no way functioning as a bank for some outside organization fits into your purpose as a parent group. Besides, if you are an exempt organization and file a tax return, you would have to include this income/eventual expense on your returns.
Ditto, ditto and ditto!!! Everyone is absolutely right, it should not be a huge issue for them to go and open their own account and handle their own finances. Just the fact that they are looking at an outside party (you) to handle it almost gives the idea that they think there is something going awry within their own group that they would rather not touch with a ten-foot pole.
Many, many red flags...
"Life moves pretty fast. If you don't stop and look around once in a while, you could miss it" - Ferris Bueller
PLEASE DON'T INVOLVE YOURSELF! Why can't they open up their own account? Anyway you look at it, it's just not a good idea. Money has a way of turning friends into enemies! Just my opinion.
OH NO RUN AWAY! This is not a good situation and you really need to think this over. I mean keeping accounting seperate for that and for your group, you would really really need to document everything and have lots of copies, it could turn into a he said she said type thing and I would not recommend it at all, This isn't even a part of your school but a private preschool that rents from your school. I would compare it to holding money for a private person...just my thoughts.
"When you stop learning you stop growing."
Red Flag! If I were you I would decline the request based on accountability issues. If you are holding their money you will be responsible for it and questioned / held responsible if anything should happen (not that it would). There are many banks that do not charge for checking accounts ... let them handle their own money issues.
<font size=""1"">We must overcome the notion that we must be regular...it robs you of the chance to be extraordinary and leads you to do the mediocre."</font> (Uta Hagen)</font></font><br /><br> <br /><br>"Life is not measured by the number of breaths we take, but by the number of moments...
We would like to know as the executive board if it is legal to hold money from an outside party. The circumstances are as follows: A private pre school rents space from our school and have built theor OWN playground on our grounds Theywould like the PTO to deposit money into our bank account and hold it until they need to spend it. I personally don't think it is right. What are anyones thoughts on this?
