Bank Fee exemptions for non-profit organisations
Wed, 10 July 2002, 08:26 pmcrgwllms2 posts in thread
Bank Fee exemptions for non-profit organisations
Wed, 10 July 2002, 08:26 pmMany of you may find the following information most interesting.
It came to me via Steve Shaw at ArtsWA, from a non-profit organisation that has completed this process and is no longer paying fees.
INFORMATION: Non-profit organisations are exempt from bank charges
After some 20 years in the non profit sector I just learned something that might be of interest to your wider membership. A colleague mentioned in passing a few months ago that non-profit organisations were exempt from bank charges. We brought it up with our bank manager who proclaimed total ignorance of such a policy. We confirmed from our source this was so and our bank manager became increasingly difficult to reach to continue the conversation. Our accountant kept "digging" from a number of sources and eventually we discovered there is a form to be filled in from the Office of State Revenue which allows for exemptions on stamp duty on cheques or orders for withdrawal. In our case this amounts to only about $600 per year, but I wonder how many other non profit organisations are aware of this exemption. It occured to me you might play a useful role in disseminating the information to non profit organisations who may not be aware of this, as we were not.
Article by: Liz Dumont, CEO, Fremantle Education centre.
Cheers,
Craig
[%sig%]
It came to me via Steve Shaw at ArtsWA, from a non-profit organisation that has completed this process and is no longer paying fees.
INFORMATION: Non-profit organisations are exempt from bank charges
After some 20 years in the non profit sector I just learned something that might be of interest to your wider membership. A colleague mentioned in passing a few months ago that non-profit organisations were exempt from bank charges. We brought it up with our bank manager who proclaimed total ignorance of such a policy. We confirmed from our source this was so and our bank manager became increasingly difficult to reach to continue the conversation. Our accountant kept "digging" from a number of sources and eventually we discovered there is a form to be filled in from the Office of State Revenue which allows for exemptions on stamp duty on cheques or orders for withdrawal. In our case this amounts to only about $600 per year, but I wonder how many other non profit organisations are aware of this exemption. It occured to me you might play a useful role in disseminating the information to non profit organisations who may not be aware of this, as we were not.
Article by: Liz Dumont, CEO, Fremantle Education centre.
Cheers,
Craig
[%sig%]
Re: Bank Fee exemptions for non-profit organisations
Thu, 11 July 2002, 11:44 amYes we are aware of this and have commented some time ago in LINK etc.
Most banks don't want to know about it and always express great surprise when the fact is brought to their attention.
however persevere, fill in forms and keep nagging.
And, keep ever vigilant as you may well find the charges creeping back.
also in spite of NFP organisations being excempt most banks will still levy fees on accounts falling below $2K
Thou paunchy fly-bitten joithead!
Most banks don't want to know about it and always express great surprise when the fact is brought to their attention.
however persevere, fill in forms and keep nagging.
And, keep ever vigilant as you may well find the charges creeping back.
also in spite of NFP organisations being excempt most banks will still levy fees on accounts falling below $2K
Thou paunchy fly-bitten joithead!