Lodge Funds

[G Brewer]

I recently became Treasurer of my Craft Lodge. I have been treasurer for various organisations in the past and on taking this one on have been surprised by the considerable number of accounts we have. With a high street bank we have a charity registered Alms account with no interest paid on the £1500 or so running balance. A non interest paying general account, an Almoners account both with running balances of about £1500 a business deposit account with about £5k in it that generates about £3 interest PA, a Dining Account with another bank - again no interest, that one has about £2k in it and a 'Functions Account without my direct control with a building society that has circa £3k in it and gained the princely sum of 67p interest over the last year. That latter account is primarily to act as a sort of insurance against the Ladies Festival falling flat on it's face.

I have asked to have an agenda item at our next GP meeting toward forming a working party to bring a bit of regularity and streamlining into all this at the same time making sure we are totally in compliance with all current regulations and gaining the best option on any interest options available.

Advice and guidance would be very much appreciated.

[MrBenn]

I speak with a degree of naivety in this not having held the post of treasuere, is there a Prov Grand Treasuerer or similar who would hold this information?

[admin]

There is no reason why you can not have a deposit account and feed your working Bank Accounts fron that. It means a bit more paperwork.

I used a Post Office deposit account which was the best interest but a real pain to use,

i do not think you will find any accounts that will give a decent interest rate and on demand access.

Charity funds can return more interest I believe, if deposited in the Provincial Account they usually negotiate higher returns because of the size of deposit, worth asking the Provincial Treasurer. But it would be charity money you wish to let go of. On a personal note I have alwaor Charity donations and then let it sit in a Bank account better to use it to benefit someone.

With the base rate being next to nothing I dont think there is much prospect of an account with good interest.

If you are registered as a Charity as my Lodge is a Chritable Trust, you can invest in other things, like stocks and shares or property. The problem I have seen in this area is the Lodge members do not always trust a Treasurer who they may see as gambling with Lodge funds ? so long as it is a joint decision then I do not see why it should be a problem.