Troop Banking Update

Policy

All troops are required to have a troop checking account. All monies received in the name of the troop must be deposited in the troop checking account. Troops/Groups and Service Units must use the council Federal Tax ID number for opening all bank accounts.

No matter how much your troop plans on saving or spending, you’ll need a safe place to deposit your troop dues, product sale proceeds, and other funds. If you’ve stepped up to lead an existing troop, you may inherit a checking account, but with a new troop, you’ll want to open a new bank account.

Here are a few helpful tips:

Be sure to find a bank that has free checking and low fees.
Designate a “troop treasurer,” that is, one person who is responsible for troop funds and for keeping a daily account of expenditures.
Ensure your account comes with a debit card that you can use during activities or trips. These transactions are easier to track at the end of the year.
Be prepared like a Girl Scout, and make sure another troop volunteer has and accessible debit card for the troop account in case the main card is lost.
Handle a lost troop debit card the same way you would a personal debit card: cancel it immediately.
Keep troop funds in the bank before an activity or trip and pay for as many items as possible in advance of your departure.

Follow Girl Scouts Heart of Michigan's financial policies and procedures for setting up an account.

Opening an Account toggle arrow

Service Unit Treasurers or Girl Scouts Heart of Michigan staff will recommend banks from the list below that troops can use. Girl Scouts Heart of Michigan staff will work with Service Units to designate banks. Girl Scout troop accounts must be opened under Girl Scouts Heart of Michigan’s name and tax identification number/EIN.

Please select a bank from one of the following: toggle arrow

Advia Credit Union
Bank of Ann Arbor
Comerica Bank
Consumers Credit Union
Fifth Third Bank
Frankenmuth Credit Union
Huntington Bank
Independent Bank
Isabella Bank and Trust
LAFCU
Lake MI Credit Union
Members First Credit Union
Mercantile Bank of MI
MSUFCU
Old National
PNC Bank
TLC Community Credit Union
True Community Credit Union

All accounts must be named “GSHOM Troop # ___.”

Accounts remain the property of Girl Scouts Heart of Michigan; therefore, individual names or addresses cannot be printed on the checks

Troop accounts require the names and signatures of at least two and up to three registered and unrelated adults, one of which may be a member of the Service Unit Team.

Any adult that handles funds for a Girl Scout troop must submit to a background check.

Any adult that handles funds for a Girl Scout troop must register as a member of Girl Scouts Heart of Michigan including troop leader, co-leader, treasurer, product program manager and any troop volunteer who will handle funds (the registration fee can be paid for with troop funds).

The Authorization to Open and Hold a Troop Bank Account form is available from your Troop Support Specialist. Once completed, one copy must be sent to the address listed on the bottom of the form.

Troop accounts are not to have credit cards, but debit cards are acceptable.

Once you get a troop account, ACH form must be completed—and submitted.

Leader Financial Responsibilities toggle arrow

As a troop leader, you are responsible for all of the financial activities of the troop. You are required to keep accurate records, submit financial reports on time and maintain the troop checking account. Here are some tips to help you in this important role:

Each troop must turn in an Authorization to Open and Hold a Troop Bank Account form at the time of opening the account and any time there are changes in the signees.

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 (including annual troop financial report, checkbook register, and latest bank statement) must be submitted by June 15th each year.

Troop financial records are randomly selected by Girl Scouts Heart of Michigan for auditing three times a year. Troop leaders will be notified by mail if their troop records have been selected for audit and are required to submit the requested information within the timeframe specified in the letter.

Dos and Don’ts for Your Troop Checkbook toggle arrow

DO record every transaction in the checkbook 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, 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 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 accounts 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.

If you agree to above financial policies, please submit the following information to obtain your
'Authorization to Open and Hold a Troop Bank Account' form from Girl Scouts Heart of Michigan.

Troop Bank Account

Opening Troop Bank Account

Changing Signers on Troop Bank Account

Please select one of the following two options

Troop Number Troop number is required. 0/100

Name of 1st Signer Signer 1 is required. 0/100

Name of 2nd Signer Signer 2 is required. 0/100

Name of 3rd Signer 0/100

Financial Institution Address Financial Institution Address is required. 0/100

Date Of Appointment Date Of Appointment is required. 0/130

Please list the troop leaders you want to add to the bank account if changing signers.

Add to bank account 0/400

If changing signers, please list the troop leaders you want to remove from the bank account.

Remove from bank account 0/400

(Please allow us three business days prior to your appointment date for us to get you the form)

Other Information 0/32000

If you agree to above financial policies, please submit the following information to obtain your 'Authorization to Open and Hold a Troop Bank Account' form from Girl Scouts Heart of Michigan.

Please list the troop leaders you want to add to the bank account if changing signers.

If changing signers, please list the troop leaders you want to remove from the bank account.

If you agree to above financial policies, please submit the following information to obtain your
'Authorization to Open and Hold a Troop Bank Account' form from Girl Scouts Heart of Michigan.