Bank Accounts

We recommend that a separate bank account be established for each emerging entity, and that funds are never co-mingled with a personal bank account.

Phase I

Emergent groups can use Lionsberg's bank accounts by setting up a fiscal sponsorship agreement. Lionsberg will release funds on the basis of milestones associated with grant requests.

In a fiscal sponsorship, if a group is not setting up a separate bank account, each person sets up a fiscal sponsorship with Lionsberg, each person acts independently, and voluntarily coordinates their activities.

Phase II

In minimum viable form, this can consist of an association charging one member as a "Treasurer", who can set up a clean new personal account for the group. This is a simple step where no corporate form yet exists.

The statements for this account should be part of the groups collective records.

Phase III

When a corporate form is established, a bank account in the corporate name can be opened.