I am in the process of trying to set up a non-profit organization. This organization is to fund and help out needy Korean Missionary Kids in terms of living expenses when they are alone and far away from their parents as well as help out with school/college tuition. As US college tuition reaches past $20,000, it's hard to have parent's pay for tuition. So, I have been personally helping missionary Kids out as well as had other donors giving me money to help missionary kids out. Up till now we have a network of about 10 members who have been receiving money and distributing them to missionary kids in need. But, as the amount of money reaches more and more... there is a danger in accountability.
So I am simply trying to open a checking/saving check account with our group organization name... so that we can recieve checks or even deposit checks under the group name. Then we can write checks under the non-profit group name. This would simply put an accountability to the money being deposited and even spent. Ideally I would like to have 2 members having to sign checks when we offer the scholarships.
BUT, to open a simple bank account does not seem easy. It seems I need to get a DBA lisense and all that.
Can anyone here break this process down for me and also suggest a bank where I can open this account? We are primarily located in Chicago and LA.
Thank you for your wisdom!!
So I am simply trying to open a checking/saving check account with our group organization name... so that we can recieve checks or even deposit checks under the group name. Then we can write checks under the non-profit group name. This would simply put an accountability to the money being deposited and even spent. Ideally I would like to have 2 members having to sign checks when we offer the scholarships.
BUT, to open a simple bank account does not seem easy. It seems I need to get a DBA lisense and all that.
Can anyone here break this process down for me and also suggest a bank where I can open this account? We are primarily located in Chicago and LA.
Thank you for your wisdom!!
