Troop Bank Accounts
All troops are required to have their own bank account. All monies received in the name of the troop must be deposited into the troop bank account.
In conjunction with the Troop Treasurer, the Leader is responsible for the safekeeping of funds and accurate financial records. Signers on the troop checking accounts are liable in case of fraudulent use of the account. Therefore, record all transactions, channel all funds through the troop checking account, and keep all receipts in case questions arise.
The Leader or Troop Treasurer completes an Annual Troop Financial Report and submits it to the Troop Organizer or Area Manager. The forms needed to complete the Annual Troop Financial Report can be found on the Web site. Begin utilizing the expense and income forms as soon as the troop starts having financial activity.
Bank Account Procedures
Girl Scouts Heart of Michigan requires each troop to have a bank account. Girl Scouts Heart of Michigan utilizes Chemical Bank for its corporate banking needs. Troops must use the bank designated by their Girl Scout Area Management Team. The Area Management Team will work with GSHOM staff to designate banks.
Girl Scout troop accounts must be opened under the GSHOM’s name and tax identification number/EIN.
- All accounts must be named “GSHOM Troop # ___.”
- Accounts remain the property of GSHOM; therefore individual names or addresses cannot be printed on the checks
- Troop accounts require the names and signatures of at least two (maximum of three) registered and unrelated adults.(one of which must be a member of the Area Management Team)
- Any adult who handles funds for a Girl Scout troop must submit to a background check.
- Any adult who handles funds for a Girl Scout troop must register as a member of Girl Scouts Heart of Michigan, including leaders, co-leaders, treasurers; product sales program coordinators and any troop committee member who will handle funds (this can be paid for with troop funds).
- The Authorization to Open and Hold a Troop/Unit Bank Account form is available from the Membership Specialist for your Girl Scout Area or at your nearest regional center. Once completed, one copy must be sent to the address listed on the bottom of the form.
- Each troop must turn in an Authorization to Open and Hold a Troop/Unit Bank Account form at the time of opening the account and any time there are changes in the signees.
- All adults who handle troop monies must be registered Girl Scouts and have passed the background check. This includes troop product program coordinators, and any adults who take in or spend money on behalf of the troop.
- Save receipts for all purchases. We suggest keeping them in a large manila envelope labeled with the current membership year so they are available when it comes time to submit the Annual Troop Financial Report.
- Save all bank statements, deposit slips, and cancelled checks or the duplicate copies.
- Annual Troop Financial Reports must be submitted by the designated deadline. A current bank statement must be submitted with the report.
- Girl Scout Areas must also submit an Annual Financial Report. This must be submitted to the Membership Specialist for your Area by June 15 of the current year. A current bank statement must be submitted with the report.
- DO record every transaction in the register as soon as it occurs, and calculate the balance so that you always have an accurate record.
- DO use the electronic Checkbook Register Form provided with the Annual Troop Finance Report, at www.gshom.org, as it will calculate the register balance and update the Annual Troop Finance Report as entries are made.
- DO reconcile the checkbook upon receiving the monthly bank statement. Keep all bank statements for three years.
- DO keep every receipt for every purchase. We suggest writing the check number on every receipt for easy tracking.
- DO make sure your deposits for the product programs equal the amount of product sold.
- DO keep the girls informed of the account balance and the income and expenses. When the girls are mature enough, involve them with balancing the checkbook. This teaches them valuable lessons in money management.
- DON’T write checks out for “Cash” or endorse checks to yourself. This is a big “red flag” when the ac-counts are monitored.
- DON’T round-up your check, or write a check for more than the amount of the purchase. This is also a “red flag.”
- DON’T allow parents to be late with payments for the product programs.
- Don’t pay for parent’s outstanding monies for product program from troop funds.
- Do complete and return the Outstanding Money Report along with the signed Permission and Responsibility Forms, as well as, any receipts signed by the parent/guardian who has not fulfilled their agreement for participation in the product program.
- DON’T ever use your own personal money to pay for troop activities and NEVER use troop funds for personal expenses. All troop activities must be paid for out of troop funds.
Troop account are encouraged to have debit cards, credit cards are not acceptable.
Troop bank accounts are randomly selected by GSHOM for auditing up to four times per year.
Leader Financial Responsibilities
As a Troop Leader or Co-Leader, you are responsible for all financial activities of the troop.
You are required to keep accurate records, submit reports on time and maintain the troop checking account. Here are some tips to help you in this important role:
Do's and Don'ts for Your Troops Checkbook
Girl Scouts Heart of Michigan Council will pursue collection of all delinquent accounts and non-collectible checks received for goods and services rendered to GSHOM and/or its sub-units to the fullest extent of the law.
Any GSHOM operational volunteer who has outstanding debts to GSHOM and/or its’ sub-units for products or services rendered, non-collectible checks, or has embezzled or misappropriated Girl Scout funds which require external collection procedures will be permanently released of all volunteer responsibilities.
Any GSHOM operational volunteer who writes a check from their troop/group or Area account that is returned for any reason is personally responsible for all fees and charges associated with that check. This includes debit card transactions. Troop/group or Area funds cannot be used to satisfy the fees or charges. An operational volunteer may be removed from the troop/group or Area account for writing insufficient funds checks. Other action may also be taken in regards to the volunteer’s appointed position.