Can we take over an existing community bank account

Patrick MacLane Charity Treasurer at Maranatha Posted 7 months ago

Hello, I'm new to this group, but

I was just hoping that someone might have a definitive answer to a situation we are trying to resolve as trustees.

As I have recently been appointed as the treasurer for a CIO charity, and the charity were previously operating as a community group (but not a registered charity), they want me to write up accounts for the CIO using the transactions that have occurred through the community bank account.

I've said that, while they can gift the closing balance of the community account to the CIO, the transactions were those of the community group, not the CIO...And that the CIO will need a new bank account of its own.

Can anyone working as a charity lawyer or accountant confirm this please?

Patrick

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