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Unread 04-09-2010, 10:20 PM
bhylenski bhylenski is offline
Currently a "Gyeongsonian"
 
Join Date: Jul 2004
Location: Gyeongsan (Daegu)
Posts: 150
I've spoken with a few folks, who have looked into some banking options. Until KOTR earns a non-profit status...the korean equivalent, then there is no point into looking into the banking options, they are basically the same anyway. Tax implications for now, will be minute at best, since the amounts were talking about are so low.

At this point, I believe our best option is to open what's called a "multi-owner" account. That way one person is not solely responsible for managing the account (meaning if I go away, someone else can make withdrawals and have access to everything and vice versa for others managing the acct.), nor could one person run off with the funds. We would just need to agree who would be on the acct. We can discuss offline.

I will set up a web page, via paypal for donations (possibly thru KOTR, but if Eric's busy, I'll setup a third party option, until we can integrate.) All Donations will be posted immediately, withdraws will be posted as well. There are a few minor details to work out concerning withdraws/bank transfers, but that can be done offline. Does anyone have any concerns or reasons why we should not proceed with this?

My plan was to ask for simple donations at the M&G this weekend, this would act as our first official deposit, whether it's a Man won or Sip Man won, once the account is setup we'll be ready financially. A ton of members would be around to witness and help count and collect all donations. Anonymous donations are welcome and will be posted as such, as well as all donations will have the option to select Anonymous

Thoughts?
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