Setting up Accounts for Topical Meetings since 9/11

1. Setting up Accounts for Topical Meetingssince 9/11 Steve Herring, Idaho Section Local Sections Workshop June 13, 2004

2. Identification of the topical meeting as an entity Identification of the sponsoring organization Identification of the individuals involved Identification of the source of the funds Expected traffic through the account A product of the increasingly faceless nature of banking in combination with the Patriot Act. Needs for Identification

3. Choose a somewhat descriptive name Short one, to fit on checks e.g. Global 99, Spectrum 2002, … Longer, descriptive title: International Conference on Future Nuclear Systems This is an issue with joint topicals Documentation establishing topical meeting Minutes of Local Section meeting Perhaps signed by two officers Documentation from organization division, e-mail,.. Documentation from ANS national, letters, e-mail, brochures,… Pieces of paper to show that this topical is a legitimate enterprise. Identification of the topical meeting as an entity

4. Who is organizing the meeting? Is the local section incorporated? Bring some documentation, card from Does the section have a long-established history as a bank customer? Do you have a list of officers of the section? Has the section run similar meetings in the past? When and who? Identification of the sponsoring organization

5. Driver’s license, social security numbers, addresses, work phone, etc. Individual or duplicate signatures? How many should have signature authority? A list of the organizing committee would be helpful Remember, all the faces in the bank will probably change in two years when the meeting is over. Identification of the individuals involved

6. Have the loan of operating funds approved by a formal motion of the executive committee of the section. Have the motion recorded in the minutes of the executive committee meeting. When the minutes are approved, have the chair and secretary (or others present) sign a copy of the minutes. Give the bank the signed copy for their files. Even if the funds are coming from another account at the same bank. Identification of the source of the funds

7. Expected Traffic Through the Account • Have a rough idea of the cash flow before going into bank • May yield a cheaper account • May also indicate budgetary crunches, loan needs, etc. • It’s a good idea to become a Visa, Mastercard, American Express, Discover merchant • The section, not the meeting, is the merchant • Section can use the account for successive meetings • Buy or rent terminal? • Especially needed if the meeting has many large foreign attendees – currency exchange, foreign mailings • Try to minimize the handling of cash • Go for plastic and checks • Safety and audit trail

8. Thoughts on being a Visa merchant • Fees: Visa and MC: 2-2.5 %, $25/mo minimum AmEx: 3.5 – 4%, Discover: 1.8-2.3% (all have a range due to percentage plus cost per item fee structure) • Plus: rental for terminal ($35/mo), charge for paper statements ($4/mo) • Funds can be directed to different account after conclusion of topical meeting – plan ahead • Supplies are sometimes expensive, especially if needed in a hurry • Expect a few stolen or blocked cards • Hand entry of card numbers is tedious, but there are error checking algorithms • There is a 24-7 help desk but it’s sometimes hard to reach • Expect telemarketing calls to change phone service or for business credit cards • Have to retain printout for three years.