How should we approach non profit financials? Posted on March 23, 2011
I am in a non-profit performing arts group, affiliate of another non-profit organization. We operate independently. When we first formed, we did not have our own financial account so we arranged it so that our performing arts group could use their financial account. We did not have a written contract, but it was agreed that we would operate independently with our finances and that they would not provide any financial support to us or vice versa. Some time has passed now and our performing arts group raised some funds. We have our own tax ID and account now and have recently moved the money into our own account, which is completely separate from them. They insist that the funds should belong to them as we were an affiliate to them. Do they have any claim to the funds?
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