Have been on holiday and just seen this. My advice is NOT to set up individual accounts outside your system. That would be inordinately complicated for your Finance Department and you would be in danger of setting up loads of restricted-type funds.
The way we handle Tribute Funds is to set up a separate record for the tribute fund using the title of the fund on our own system. Donations are just received by us and banked along with every other kind of donation. The difference is that we are able to tell the Fund founder at any given time how much they have donated to their fund and perhaps give them an update on how it is being used. So the Fund is actually just a separate record, not a physical separate pot.
It is also very important to stress that this is not a "trust fund" in any way, which would have other legal constraints. Just a separate tally. There is no need to get your bank involved at all, just your IT people to make sure there is a way to record the donations and link the donors' records (if you are lucky enough to have more than one donor) to the Tribute Fund Record.
Hope that is helpful and do please come back to me if you want any more gleanings from our experience.
Lynne
From: Legacymarketing@... [mailto:Legacymarketing@...] On Behalf Of claireroutley
Sent: 16 August 2007 17:14
To: Legacymarketing@...
Subject: [Legacymarketing] Tribute funds - Banking
Hi Everyone
We're currently in the process of setting up tribute fund giving, but
our bank aren't being very helpful about setting up an account which
will allow people to make donations payable to their named tribute fund
e.g. 'The Claire Routley Help the Aged Tribute Fund'. Would anyone who
has organised an account like this when setting up tribute funds mind
sharing who they bank with, so we can give our bank some examples of
other banks who have provided this service?
Thanks very much
Claire
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