Question: Banck Account

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

Answers:

Community Advice

CMay2CK writes:
I don't know the laws on this, but our organization has its own account. It's way too hard to try to keep two different fund sources clearly defined. As for the bonding, I can understand the request. There have been too many cases of misappropriated funds by otherwise good people who are tempted by the availability. I do not, however, think that it is required. Again, I do not know the laws for a PTO. My organization is a Foundation.