Nonprofit Banking Account Basics

One of the essential business requirements for all successful organizations is the need to deposit money for safekeeping. The challenge to do this effectively is shared by for-profit and non-profit entities. Nonprofit banking is specifically regulated by the federal government. The basic guidelines and rules for nonprofit banking are summarized below.

Opening a Nonprofit Bank Account: In order for a nonprofit organization to open a nonprofit bank account, the organization must obtain a Tax Identification Number, or TIN. This can be done through the IRS website. Ordinarily, the TIN online application is approved in a short amount of time — often within one business day. The TIN must be included on the bank account application.

Record Keeping: The financial records of the nonprofit entity must be kept completely separate from the records of the individual officers, owners or managers of the nonprofit. Federal accounting standards govern the types of account statements required to be maintained by the nonprofit. All donations and expenses must be recorded and contributions must be divided into restricted, non-restricted and temporarily restricted funds. Accurate record-keeping is essential to satisfy the requirements of nonprofit banking as well as other government regulations.

Historical Records: It is advised to keep five years of nonprofit financial records on file. In the event the nonprofit organization is audited by the IRS, the historical financial records must be available for review. These audits are to ensure that the nonprofit organization is operating in compliance with the regulations to maintain its tax exempt status. These records may be kept by the bank but should also be kept on file with the nonprofit.

Current Bylaws: Nonprofit banking requires the nonprofit entity to provide the bank with a copy of its current bylaws. These bylaws clearly outline the purpose, goals and policies of the nonprofit, listing the president, vice president and treasurer. Management team changes require updates to the bylaws and communication of those changes to the bank.

Authorized Signers: The bank keeps account signer signatures on file and the nonprofit provides a written summary of their check cashing procedures. These signatures must also be kept up to date.

Adherence to these guidelines and rules is necessary for nonprofits to successfully maintain a nonprofit banking account. Some financial institutions offer banking services geared toward nonprofit organizations. Those banks that understand the regulations and requirements imposed upon nonprofit businesses can enhance the banking experience for those organizations.

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Auto Insurance Quotes – How to Find What You Need

If you’re looking for car insurance in California, you probably already know that this can be expensive. This is why it’s important to learn how to get Orange County auto insurance quotes quickly and efficiently for your needs. You want to be able to find quotes and compare quotes for your Orange County auto insurance all from one easy location to save you time and to help you find the right insurance provider for your needs.

As you may already know, where you live in the state of California can affect the rates that you pay on auto insurance. People who are driving around Orange County for work or pleasure may pay more than someone from another city or county but may pay less when compared to other areas of California. This is why when looking for insurance quotes, you want to stick with quotes for your area only.

Many databases online are state-wide. This means they are giving you auto quotes for the state but they may not be specific to you if you live in Orange County. This is ultimately a waste of time if you select what you think to be an affordable provider only to find out the quote is different when you add that you are from Orange County. Often these databases only quote the cheapest possible offers to make their deals look better but these offers may not be available to everyone in all areas.

This is why it is important that you choose car insurance quotes from a source that focuses on you and your area. You will then be sure to get results that are specific to you and your area. This means auto insurance quotes you can depend on to be accurate.

Remember that when you are comparing these Orange County auto insurance quotes, it’s also important for you to compare what you get for the price in addition to just the price itself. You also want to look at what type of monthly payments you have and for how many months. These points will help ensure you get a more accurate quote for your auto insurance needs.

It’s just not worth it to drive without insurance these days but you don’t have to spend a fortune to get the coverage you need and want. You also don’t have to waste time and money driving all over the county looking for an auto insurance company that meets your needs. With Orange County auto insurance quotes online, it’s easier than ever before to get what you need.

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Alaska Auto Insurance – Your Minimum Liability Coverage

One thing that every driver in Alaska should have known by now is that there is always a minimum coverage required by law for every driver to have before they can drive legally in the state. Just in case you are not aware of this, we would look at what the state of Alaska requires as minimum liability coverage for every driver.

First, we would need to define liability coverage.

Liability coverage refers to a policy that protects you from the financial responsibility of accidents in which you are at fault. The state by asking for the minimum liability coverage wants to protect other road users from your possible carelessness.

The state of Alaska requires a minimum coverage of $50,000 for bodily injury per individual. There is also a $100,000 minimum liability coverage for bodily injury per accident. Bodily injury coverages here refer to costs arising from medical expenses, funeral costs, loss of income etc because of an accident in which you were at fault.

The state of Alaska also requires a minimum coverage of $25,000 for property damaged as a result of the accident.

You would have noticed that the above listed coverages offers you no cover for yourself or your property. It is strongly advised that you get not just the state’s required minimum as this may not be enough. You need to be well covered for yourself and your property and your liability coverage should also be sufficient to handle liabilities that exceed the state’s minimum. People have been known to lose their homes, savings and more just because they did not have enough coverage to meet the liabilities that arose in form of legal fees, court costs, and other damages.

We know that auto insurance can be expensive which is why we would try to find a way of helping drivers in Alaska find affordable auto insurance coverage. Is this possible? Yes!

The simplest thing you can do is to find out from your insurance agent the discounts you can qualify so as to reduce your rates. There are a number of discounts you can get that result in very significant savings for you. Getting affordable auto insurance starts with taking time to compare quick auto insurance quotes. When you compare quotes, you put yourself in a position to find and access the most affordable insurance policy available.

Be sure to ask your agent about discounts available. You can also get in touch with Alaska Division of Insurance at 907 465-2515 for more information that would help you get the most out of your car insurance coverage.

Do not forget to get and compare your free quotes now.

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Are You Qualified for a Pre-Approved Personal Loan?

What are pre-approved personal loans?

Differences between pre-qualification, pre-approval and loan dedication.
Tips on getting pre approved for home loan.
What happens in advance of the loan approval?.

A consumer loan is a fixed amount that an individual would borrow from a bank, a loaner, or a building society. The repayment terms are also worked out by which the borrower makes a monthly payment to repay the loan. Pre approved usecured bank loans are those loans that have been pre-approved by a lender after first taking a good look at the borrower’s credit, and his monthly income.

Signal Differences between Pre-Qualification, Pre-Approval and Loan Consignment.
Many buyers of homes would be hearing these conditions often while looking for a home:.
Loan Commitment.

Although connected these three terms indicate a unlike level of approval of the pre approved loans, by the loaner. These terms have been known to discombobulate real estate brokers themselves, and so too buyers and sellers of homes.

You can either choose to be pre-qualified by an agent, by a loaner, or you can choose to do it yourself. The term pre-qualified means having someone take a good long look at your expenses and income, and plug the data into a kind of formula meaning debt-to-income ratio. Pre-Qualification of pre-arranged personal loans does not typically mean an in-depth analytic thinking of your ability to buy a dwelling, and of your credit report. It is just that pre-qualifying yourself before beginning your try to look for a good home, would give you a general idea of the price range. That you may afford, and while in the limits of which, you can conduct your search for a decent house. The belief that it will not work out a rate of interest for you, and other elements, could affect the monthly payments that a bank would be allowing you to carry.

Pre Approval.
When you have been pre approved for a mortgage, it only means that a loaner has first looked closely at both your revenue and your credit report, then approved your application for a pre approved personal loan. The lender would then sit you down and inform you about the maximum amount of pre-agreed personal loan on offer, which type of loan programs would be perfect for you, and about the varying rates of interest billed on these pre-agreed loans.

When you have been pre-agreed, you can go home-shopping, convinced about the buying ability that you have, but this in itself does not mean that the pre-arranged personal loan application has been approved by the loaner. A decision regarding that would be conveyed to the borrower. only after the home and property itself has had the stamp of approval.

Loan Commitment.
Here, a loaner will be supplying a loan commitment after he has approved both you and the house. The loaner’s recommendations must be met while surveying home and this usually includes a status that that the house requires to be appraised at or at a higher rate than the sales price. But the bank considers cost to be just one aspect of the house. In case you, the borrower, defaults on repayments of the pre approved loan, and the lender might have to consider foreclosure, the bank would want to be sure of the appraiser’s pledge that the place could be sold within a sensible period.

For instance, a input from the appraiser like noticed a crack in the home’s base would raise a red flag for the loaner, who may then want you to conduct a structural review. Or if there is a remark that the home is accessible only by means of a 4-wheel drive vehicle, the bank would want further information on on-going route maintenance. As a matter of fact, many banks would ordinarily first confirm that a signed road maintenance understanding has been effected, before giving their commendation for the pre-approved personal loan.

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