Setting up a bank account is a crucial part of operating your club/society as all monies are processed here. The following steps give you a brief guide how this all works:
All affiliated Clubs and Societies should open a bank account. This must be a Not-For-Profit Organisational Account. It must not be any form of personal account, including joint accounts between exec members. We suggest you choose one with a branch on or near campus that offers not-for-profit groups special accounts. Just see the Clubs Co-ordinator for a letter that demonstrates your Club/Society is not-for-profit.
In order to open an account, you will require:
- Minutes from a meeting stating:
- Full name of the Club/Society.
- Full names of the signatories, their respective positions and authorisation to operate on the account.
- Method of account operation (e.g. two to sign to access funds).
- Whether you require a cheque book, deposit book and/or debit cards (note that the availability of this will vary by bank).
- That a new bank account is to be opened.
- The club or society’s Constitution, containing a mission statement, short term goals, long term goals, and meeting frequency.
- A letter from the UCSA Clubs Co-ordinator stating that the club or society is/will be affiliated.
- All executive members/trustees should visit the bank together, with a NZ drivers licence or passport, and;
- Certificate of Incorporation (if applicable).
It is recommended that you use the UCSA’s address to open the account. This should follow the form of “Club Name, c/o The UCSA, PO Box 31311, Ilam, Christchurch, 8444”.
Changing Signatories on the Account
Almost every club has a yearly cycle where they elect a new Executive team at an AGM. This means that the new Executives must be assigned as signatories on the bank account by removing the old signatories. If the entire or part of the executive stays the same, this may not be applicable.
- At your AGM, a motion should be put forward that say the previous signatories to be removed from the bank account and the new signatories be put on.
The new signatories to the account should accompany the old signatories to the bank in order to change the signatories on the account.