Companies Bank Accounts Details by nhd16910


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									Guidelines for Company Program Bank Accounts
(January 2009) May be subject to revision

For Company Program In-School
    ·   Usually the student companies in the in-school program choose to operate on a cash only
        basis, depositing and paying out funds from a Petty Cash box which is kept secure by the
        teacher or through the school s Main office/treasurer. This method is a valuable exercise
        unto itself, highlighting the necessity for all companies to maintain careful records of all
        transactions, including the sale of shares.

For Company Program After-School
    ·   Bank accounts may be set up at any convenient local bank. It is desirable to choose an
        account with low service fees and minimal features. Some banks offer a community services
        account where fees are minimal or nil. The student company must be able to pay all bank
        fees & service charges for cheques ordered etc.

    ·   JABC is happy to provide a letter to the bank which:
               -attests to JABC s non-profit status
               -describes the Company Program as an educational learning activity for high school
               -names the student company as a participant in JABC s Company Program

    ·   The account should be set up in the name of the student company. The names Junior
        Achievement (JA) and Junior Achievement of British Columbia (JABC) are not to be used in
        setting up the account.

    ·   The mailing address for the student account will be:

        For student companies in the Lower Mainland:
               Suite 110 475 West Georgia Street
               Vancouver BC V6B 4M9
               Telephone: 604-688-3887 Ext 223
               (this is JA s downtown office)

        For student companies on Vancouver Island:
               9 Newstead Crescent
               Victoria BC V9B 6L4
               Telephone: 250-380-6765

   ·   Two student executives and two advisors should serve as signatories on the account. In
       addition a JA staff member will serve as sole signatory to enable closing of the account 6
       weeks after the company s final meeting.

   ·   If possible, documentation required by the bank for closing the account and transferring any
       remaining residual funds to a designated Junior Achievement account should be prepared at
       the time the account is opened.

   ·   Cheques require the signature of one authorized student and one authorized advisor.

   ·   If desired the student company may request an ATM card, which will be set up to allow
       deposits only. ATM cards for student companies will not allow withdrawals or transfers of
       funds. Internet banking will not be available.

   ·   Withdrawals must be made by cheque, or in person at the tellers counter during regular
       banking hours by two persons with signing authority.

   ·   Student companies wishing to open a bank account should notify the JA office to discuss

   ·   Bank account details must be filed with the JA office. Copies of bank statements may be
       obtained through the JA office originals will remain on file at JA.

   ·   Upon liquidation and wrap-up student companies should forward all bank records,
       statements, cancelled & unused cheques and the ATM card to the JA office.


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