Here are important instructions and considerations you need to be aware of as it relates to our Team and Chapter bank accounts.
- For all types of accounts, bank signatories are required to be:
- The Team Chair and/or Treasurer
- The Vice-Chair and/or Vice-Treasurer, if applicable
- The President and CFO of AFS-USA
- When Team leadership changes, Field Finance staff must be notified and new signature cards must be issued under the new leadership signatures.
- All Team accounts are required to have the same authorized signatories.
- A husband and wife or other members of the same household may not be signers on an Area Team or Chapter account at the same time.
- If the status of an Area Team or Chapter is changed to “inactive”, Field Finance will freeze the bank accounts.
- If the status is changed to “retired” any remaining funds in the bank account will be transferred to the National Scholarship Fund to provide need-based scholarships for students going abroad.
- When an Area Team or Chapter has more than $5,000.00 in their local account, the excess funds are required to be deposited into the New York Account.
- Chapters may hold one bank account, which is to be used for locally generated funds received through fundraising events. (Chapters do not receive co-support).
- Area Teams may hold up to two bank accounts, a primary (co-support) and a secondary (fundraising) account.
- For Area Teams, the primary bank account will be to receive and to spend co-support payments for student activities and is not to be used for scholarships.
- The secondary Area Team bank account must be used only to deposit locally generated funds received through fundraising and to spend on scholarships and other expenses in connection with fundraising activities.