Raising a Treasury
Early on, your committee
will realize that they need to raise funds for postage, printing, deposits,
and other business matters. Now is the time they need to commit themselves
to planning the reunion. Explain that eventually they will be paying
to attend the reunion, so request of the group that they pay their fees
now. If you still need more money to get started, don't be bashful
about asking your more successful classmates to pay early.
Opening an Account
Your committee is
enough of an organization to own an account, and need not incorporate,
file a fictitious business name form with the local government, nor qualify
as an exempt organization with the Internal Revenue Service. Have
committee members ask their own financial institution about opening an
account for the committee as a charitable organization and see where you
get the best deal. Try and avoid any service charges, in fact, you
might be able to earn a little interest.
Earning Interest
and Obtaining an Employers Indentification Number (EIN)
Your class can earn
interest if you are able to find an interest bearing account. The interest
earned belongs to the class, and you do not need to declare it on your
own tax return. But you must supply the the financial institution 
with
the reunion committee's Employer Identification Number, which you obtain
with an application form,
SS-4. and the instructions on the Internet. After
completing the portion of the form necessary, find the IRS Service Center
and telephone number for your area, which is listed in the instructions.
Call, obtain the EIN, then submit the form. Supply this number to the financial
institution instead of your Social Security Number when you open the account.
Checking vs. Savings
Account
Class reunion committees
write very few checks, and emergency expenses are rare, if ever.
You have plenty of time to write to the financial institution to ask for
a withdrawal. You will need money for the following: deposit on the facility
where the reunion will be held, reimbursement for out of pocket expenses
for stationery, postage, etc.; deposit for the reunion photographer; the
disk jockey may ask for a deposit; payment of the anticipated dinner expense;
and final payment on the memory books. If you open a checking account,
you must pay for the printing.
Accounting for Deposits
Class reunion committees
traditionally ask for the payment in advance in order to better gage the
final count and to meet current expenses. Make sure that every one
who pays is credited and you have everything in place on reunion night.
If you are using a database, create fields for the date, ABA, and amount
of each payment. Write a database report listing the deposits which
you can send to the financial institution along with the checks.
If you make any mistakes, someone processing your deposit will be calling
you. Be sure and invest in an endorsement stamp.
Security
Many reunion committees
instruct the financial organization to require two or more authorized signatures
on a 
check
before honoring it. But the misappropriation of the deposits
could
happen just as well as writing a check for personal use. Perhaps some other
safeguard would be better. If you are concerned, have the financial
institution send the statements to a committee member who has no financial
control, but knows what is going on, for example your reunion committee
secretary.
Guarding Your Treasury
Someday, you will
have a bank balance large enough to get you started on the next reunion.
But be vigilant lest your money vanish. You could loose your hard earned
money simply by doing nothing. The State of California, and no doubt
other states 
as
well, claims the right to "dormant" accounts, i.e. accounts with no activity
for more than 12 to 18 months. Banks and other financial institutions
are required to notify the state and turn the money over to them.
The automatic posting of interest on an account does not constitute
activity. The following can keep your account active, even if done
only once a year: using a passbook for posting of the interest; or depositing
or withdrawing a small amount, even $5.