Charitable, Fundraising, Memorial, or Scholarship or similar Fund Account

A Charitable, Fundraising, Memorial, or Scholarship or similar Fund Account may be used to collect and manage funds for a specific charitable purpose or community initiative. 

DO YOU NEED THIS ACCOUNT

These accounts are often used by community members or groups to collect and disburse money for a stated purpose:

• Collect donations for a charitable, fundraising, memorial, scholarship or similar purpose
• Keep donated funds separate from personal funds
• Pay expenses or distribute funds consistent with the stated purpose
• Provide a clearer record of deposits and disbursements
• Fundraising initiatives, such as a GoFundMe account, serve as fundraising tools that are quick, public, and shareable. A Bank account is often a fundholding and disbursement tool. Both serve their own individual purposes.

WHAT TO BRING TO THE BANK

Bring the following documents to open a Condo Trust Account:

• Employer Identification Number (EIN) issued by the IRS
• A letter with a short description of the purpose of the fund, including how the funds will be used and disbursed (Owner Authorization to Name Beneficiaries)
• Valid government-issued photo identification for each signer

TIPS

Take these extra steps to prepare your documents:

• The fastest way to get your Employer Identification Number (EIN) is to go to irs.gov and search for “EIN”. Remember: it is free.
• Use this fillable Sample Letter template and bring a printed copy to the Bank.

Thank you for your interest in opening a Condo Trust Account at Watertown Savings Bank.