20 Nov Structure of Bank Accounts for a Nonprofit Organization
Managing the bank accounts in a nonprofit can be simple or complex, depending on the size of the organization and the amount of money and assets it possesses. The ideal bank account structure for a nonprofit with financial means of more than a few thousand dollars includes accounts for daily banking purposes, savings, investments, funding and reserves.
Daily Banking
A nonprofit's daily banking typically requires a checking account, which the organization’s management uses for depositing receivables and payment of all regular costs.