Documentation for Opening a Public Fund Account

Question:

What documentation can we ask for when opening a Public Fund account so that we know who is authorized to open and sign on this particular account?(It is for a unified School District.)

Answer:

In general, government entities act by resolution, much like corporations. You are looking for a memoranda of a resolution attested by the organizaiton's secretary or whomever is the official keeper of the records. If the decision was made in a public meeting there should be minutes from that meeting as well.

First published on BankersOnline.com 5/22/06