It’s Time to Update Your Authorized Signers List
Welcome to 2019! Have there been changes in leadership at your church that took effect on January 1st? Do you have new members on the Trustees or Council or on the Finance or Endowment Committees? If so, it’s entirely possible that people who used to be Authorized Signers are no longer in positions of leadership.
The chair of each committee ought to ensure that the appropriate Authorized Signers lists at various institutions are updated for your changes in leadership. This includes banks, insurance companies, brokerage or investment companies, the Credit Union, and of course the Foundation and Development Company (DevCo).
For the Foundation and DevCo, it’s very easy to do. Click here to view our Authorized Signers form.
Once in the form, you can update your current list or create a completely new list of Authorized Signers. Use the Update to add or remove signers or simply create a whole new list of signers.
Remember that you can assign certain signers to particular accounts or you can assign them to all your accounts.
Remember also that we strongly suggest that you have at least three (3) Authorized Signers for each account. While we only require one (1) signature for deposits, we require two (2) for withdrawals. To cover for situations where one of the signers may be out of town, we encourage you to have a third person available and authorized.
When complete, have your pastor and a senior lay person or Board member certify the signatures. Please note – neither of the two people certifying the signatures can also be an Authorized Signer, i.e. someone cannot certify their own signature.
Questions? Please call us at 804-521-1121.