Where does the direct deposit money have to go into Town account or can it go into Fire Dept. Association account ?
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Thread: Direct Deposit Money ?
11-08-2008, 07:51 PM #1
Direct Deposit Money ?
11-08-2008, 07:56 PM #2
- Join Date
- Nov 2005
- Kansasville Wisconsin
I went to the bank and created a seperate account named Grant account and then updated my 1199a to show that account. It make for easy tracking of payments and deposits. It also keeps the town fingers away from it and often times they dont know it is even there . It also gave me peice of mind that the money would always be there when I would make payment.
11-08-2008, 08:16 PM #3
11-08-2008, 08:47 PM #4
- Join Date
- Nov 2006
You should use the Town tax id number to create an account for these $$$s. Your association auditors won't like the money going through there any more than FEMA.
11-09-2008, 03:19 PM #5
- Join Date
- Feb 2002
- Cypress, TX
DHS doesn't care where it goes, as long as the account is tied to the organization somehow. I've had a few clients where the town/city/county paid the matching for the department (separate EIN) and because they had to account for the funds they ran it through their accounts.
Other than having it in black and white how much went in and out there's no need to create a separate account, but it does simplify tracking.
11-10-2008, 10:10 AM #6
When we started applying for these, the accounting firm that does the annual city budget recommended a seperate account just for this grant. It has worked well and makes it much easier to keep track of funds and is easier for our city clerk as well. We're a small community so this works well for us. It may not for someone else.
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