Definition

An Association is a group of individuals joined together for a common purpose. Associations may designate an officer to manage the day-to-day operations of the business.  Association can be non-profit or for-profit.

Required Documentation to Open Account

• Evidence of formation on association letterhead. (For example: Association Bylaws or signed meeting minutes). Evidence of formation shall include details regarding the purpose of the association, the association creation date, names, and titles of the officers.
• For revised accounts:
  • Updated or revised bylaws or meeting minutes documenting the requested changes.
  • Signed and notarized CCB business affidavit
  • Click here to access the Business Affidavit Reference Guide

See Reviewing Business Legal Documents for more information.

Tax Identification Number (TIN)

The association's employer identification number is used for Individual Retirement Account (IRA) reporting.

If the client does not have an Employer Identification Number (EIN) for the association, direct the client to irs.gov.

Account Titling

1. Title the account in the association's name. {Client's name} auto-populates in the Customer Name field. 

Ownership / Signature Requirements

The signature card with all authorized signer(s) signature above his/her name in the Signatures section is required.

The resolution requires all signatures on lines A - F as required.

If the Association account has only 1 authorized signer and multiple officers, the additional officer(s) must attest to the opening of the account by signing the bottom of the Resolution.

Signature Card Example