Bank Accounts
Bank Account Information
It is best practice to obtain a dedicated bank account in order to receive and administer any government funds. It is important that this account is separate from any personal finances, as it will make it easier to meet your funder’s administrative and reporting requirements.
Be sure to ask your funder(s) for any expectations they may have with respect to the bank account requirements.
Documentation Requirements
To open an account, financial institutions will require certain documentation, and each
institution may want a slightly different combination of documents. Call ahead to be sure you take what is needed.
Examples of documents that may be required are:
Microboards and Person Centred Societies
- a certified copy of your Certificate of Incorporation or your original Certificate
- a list of directors
- address of society
- a copy of your bylaws
- a signed copy of your meeting notes in which the signatories were named
Individualized Funding Agents:
- one or more pieces of ID
- a signed contract from CLBC
Banking Arrangements
Microboards and Person Centred Societies
For the Board to receive funds, you must set up a bank account in the Society’s name. Most financial institutions will require two directors of the Society to sign any given cheque, so it is a good idea to have more than two directors as available signatories on the account in case people are away. All signatories will need to be
available to go to the bank to sign a form and show ID when they are added to the account.
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Individualized Funding (Standard)
A separate account at a bank or credit union is required to administer the funding as an Individualized Funding (IF) Agent. Separating the funding and your personal finances will make it easier to meet CLBC’s administrative and reporting requirements.
The bank account used to manage the funds must be in the name of the person signing the Direct Funding Standard Agreement (the ‘Agent’).
Individualized Funding (Simplified)
A separate account at a bank or credit union is not required to administer the funding as an IF Simplified Agent. However, separating the funding and your personal finances will make it easier to meet CLBC’s administrative and reporting requirements in the case of an audit.
