Banking services for the Artists Collective are comprised of multiple Business Checking accounts - a main one for the Collective itself, and one for each member artist group. These accounts are held at the Mechanics Bank at 2276 Broad Street, SLO. All accounts are registered under the same FEIN ID for tax purposes.
Each account has its own Username and Password and is managed by the Treasurer of the respective member artist group. The Treasurer of the Artists Collective has access to the member artist group accounts for tax and accounting issues, but the individual artist groups determine how and when any of their funds are spent independent of Collective authorization.
Each Treasurer is responsible for balancing their account on a monthly basis. They each report monthly income and expenses to the Collective Treasurer for tax reporting purposes. The Collective Treasurer is responsible for non-profit tax filing for all Collective related groups.
PayPal or some other payment processor is recommended but not required for each artist group. These are useful accounts for receiving exhibition entry fees or donations and for paying for items and services. The Collective uses PayPal for receiving Participation assessments.
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