Troop Bank Account Setup and Money Management
So, you’re all set to start your troop! Let’s go over some basics about how to set up a troop bank account and manage your troop funds.
What you need to know about managing troop money:
- Girl Scout troops are funded through product programs (Fall Product Program and the Girl Scout Cookie Program), approved money-earning projects, and any dues the troop may choose to charge.
- All troops should have a troop bank account with associated checks and debit card.
- If you’re stepping into an existing troop, you may inherit a checking account; if you’re starting a new troop, you will create a new account.
- All deposits and withdrawals to the troop checking account should be related to Girl Scout activities, noted in the troop financial records, and monitored by the two signers.
- Account balances should be kept at a reasonable level and may be carried over from one year to the next.
- See Volunteer Essentials Chapter 5: Managing Group Finances for full details on troop and group finances.
How do I set up a troop bank account – or make changes to an existing account when troop leadership changes?
- Identify the two signers on the account.
- Girl Scout troop accounts must have 2 unrelated adult volunteer signers. Often signers include the Troop Leader and Co-Leader, or the Service Unit Manager. If a parent or family member from your troop is interested in helping with troop finances, that individual should register as a Troop Leader or Troop Support Volunteer and complete a background check.
- Call the bank ahead of time to understand what items they require to open or change an account.
- Some banks may require additional paperwork from the council before they will open a troop account. If a letter is required, contact us at firstname.lastname@example.org.
Open checking account:
Account Name: Girl Scouts of Greater Iowa, Inc., DBA Troop # _________
ID #: The bank will open the account using the GSGI Federal Tax ID number (EIN). You should not be required to use your social security number.
Account Address: Open the checking account with the Primary Signer’s address or the Service Unit Manager’s address. Do not use the council address!
Submit account information to the council as required using the Troop and Service Unit Bank Account Form.
Manage Troop Finances
Be sure to keep your receipts on file for 2 years. One person may be appointed to keep track of troop expenditures, and regularly report out the account status to the troop.
Submit required Troop Finance Report to the council every year by the council deadline each summer.
Don’t hesitate to contact your support team with any questions! You can find help by emailing email@example.com or dialing the Girl Scout Hotline at 800-342-8389.