Account types
Accounts used by federations & councils
Checking accounts
4-H finances are managed through one checking account at a public financial institution.
Use the following practices to maintain accountability:
If handwriting checks, use duplicate checks.
A minimum of two individual signatures are required on all checks.
Ensure there are a minimum of three authorized signatures on the signatory card at the bank for both checking and savings accounts.
Signers on the card include the youth treasurer, adult advisor to the youth treasurer and an additional Minnesota 4-H volunteer designated/elected by the federation/council.
Signers cannot be related to each other, live in the same household, or be the county support staff or local Extension Educator.
Saving accounts & certificates of deposits
Short-term savings are managed through one or both of these methods, utilizing a public financial institution, for the following purposes:
To hold up to one year of funds to allow for unplanned expenses.
To save for a future major purchase or replacement of equipment.
To hold funds received for a short-term dedicated purpose.
University of Minnesota Foundation investments
The University of Minnesota Foundation is the entity authorized to invest funds on behalf of the Minnesota 4-H Youth Development program.
Work with the local Extension educator to determine when and how to establish a county endowment.
See all federation/council info
For staff: More information on financial accounts
Contact
Pat Morreim, program manager, morre002@umn.edu, 763-427-5428