Sample board resolution for opening a nonprofit savings account

Most financial institutions ask for proof that your board approved a new account and named the people who can act for the organization. This sample covers opening a Devote Savings account, naming the people who manage it, and requiring two approvals before money moves.

Before your board votes

  1. Check your bylaws. Confirm who can open accounts and act for the organization, and whether the full board or a committee has to vote.
  2. Name people, not just offices. List each person by name and title. Choose people who will still be serving when the account needs attention, and plan to update the resolution when officers change.
  3. Agree on the approval rule. The sample requires two people to approve every transfer. If your board wants a different rule, change that paragraph before the vote.

After the vote, record it in your minutes and keep a signed copy with your records.

Sample board resolution

Opening a Devote Savings account

[Organization name] · Meeting of the Board of Directors · [Date]

WHEREAS, the Board wishes to hold [reserves / designated funds / other money] in an interest-earning savings account kept in the organization's name;

RESOLVED, that the organization open a savings account through Devote Savings, titled in the organization's legal name and EIN;

RESOLVED FURTHER, that [Name, Title] and [Name, Title] are authorized to act as Owners of the account, with authority to add and remove members and assign their roles;

RESOLVED FURTHER, that every transfer out of the account must be approved by two authorized people, so that no one person can move the organization's savings alone;

RESOLVED FURTHER, that money the Board or a donor has set aside for a purpose be held in its own Fund, and released only with approval;

RESOLVED FURTHER, that the [Treasurer] report the account's balances and activity to the Board [quarterly];

RESOLVED FURTHER, that these authorizations remain in effect until the Board changes them.

Certified by: ______________________, Secretary    Date: ____________

A sample to adapt to your bylaws, not legal advice.

Your board approved it? The application takes about 10 minutes.

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