The Non Profit Resolution To Open Bank Account is a crucial document required by Philippine banking institutions before establishing banking relationships with non-profit organizations. This resolution demonstrates that the organization has formally decided to open a bank account through proper corporate governance procedures. It is typically required when a non-profit organization is newly established, changing banking institutions, or opening additional accounts. The document must comply with requirements set forth by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP), including specific details about authorized signatories, transaction limits, and operating instructions. This resolution serves as a protective measure for both the organization and the bank, ensuring clear documentation of authority and responsibilities in managing the organization's financial affairs.
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1. Title and Date: Formal title of the resolution and date of the meeting
2. Organization Information: Complete legal name of the non-profit organization, registration number, and registered address
3. Meeting Details: Type of meeting (board/members), location, quorum confirmation, and attendees
4. Recitals: Background information establishing the need for opening a bank account
5. Resolution Statement: The formal decision to open a bank account
6. Bank Details: Name and branch of the chosen bank where the account will be opened
7. Authorized Signatories: Names, positions, and signing authority levels of designated individuals
8. Operating Instructions: Specific instructions regarding account operation (e.g., number of signatories required)
9. Documentation Authority: Authorization to execute and submit required bank forms and documents
10. Certification: Secretary's certification of the resolution's validity and adoption
1. Special Instructions: Used when specific banking services or requirements need to be included (e.g., online banking, checkbook facilities)
2. Additional Authorized Representatives: Include when designating additional persons for specific banking transactions
3. Term Limitations: Added when the authorization has specific time limitations or conditions
4. Foreign Currency Authority: Include when the organization needs authority to open foreign currency accounts
5. Digital Banking Authorization: Used when specifically authorizing digital/online banking services
1. List of Authorized Signatories: Detailed information about each authorized signatory including full name, position, specimen signature, and contact details
2. Required Documents Checklist: List of supporting documents required by the bank for account opening
3. Board Members Attendance: List of board members present during the meeting with their signatures
4. Organization Documents: Copies of SEC registration, bylaws, and other relevant corporate documents
Relevant legal definitions
Clauses
Relevant Industries
Non-Profit
Charitable Organizations
Religious Organizations
Educational Institutions
Healthcare Organizations
Social Services
Environmental Organizations
Arts and Culture
Community Development
Humanitarian Aid
Professional Associations
Relevant Teams
Legal
Finance
Corporate Governance
Administration
Compliance
Executive Office
Treasury
Operations
Relevant Roles
Executive Director
Board President
Corporate Secretary
Treasurer
Finance Director
Compliance Officer
Legal Counsel
Board Member
Managing Trustee
Financial Controller
Operations Manager
Administrative Director
Program Director
Chief Executive Officer
Chief Financial Officer
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