Policy Details

CW Bank Account

Consented Decision

Justin/Brandon to open a bank account at DC Credit Union by 12/31/20 and deposit initial funds as well as build ability to accept future funds. Add Denia as 3rd account holder to DC Credit Union account whenever she is able to provide her paper work.

Background

CW is facing growing pressure to handle funding but does not currently have the ability to accept payment directly to the cooperative. It was discussed in June 2020, that we would open an account at DC Credit Union in solidarity of cooperative banking practices. There are still checks issued to CW that we have been unable to cash because there isn’t a bank account. As of December 2020, there have been two opportunities identified at $5000 that would be useful to have deposited in the CW bank account between December and January. Having checks written to CW also shows past performance and our ability to manage cash flow through a fiscal year. A bank account would also allow us to accept membership dues of which we have (1) potential member as of 12/12/20 waiting for guidance on where to issue the check. Currently 2 out of the 3 CW founders are available to open the account and would need to retroactively add the 3rd member when the time is right.

Historical Information

Related Meetings

Review Date

February 13, 2021

Reference Date

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