SCA SUBSIDIARY TRANSITIONS. Agenda. Welcome and Introductions Background Transition Process Opening New Bank Accounts Reporting Frequently Asked Questions Wrap Up and Conclusion. Welcome and Introductions. SCA Corporate Treasurer Baroness Alysia Gabrielle de Fougeres, OL, OP
SCA Corporate Treasurer
Baroness Alysia Gabrielle de Fougeres, OL, OP
Society Chancellor of the Exchequer
Mistress Katherine Angelique d’Artois de Berry
The SCA is required to register in each state to solicit funds as a non-profit corporation. Each state is different as to the requirements to maintain yearly registration. The threshold varies per state.
The following states have already been transitioned to subsidiaries.
Communication is crucial!
Let the CD’s go to full maturity, close them out of SCA, Inc., donate funds to the subsidiary when they mature. Show the CD as an asset on SCA, Inc. and as a payable to subsidiary on quarterly and Domesday reports.
When the CD’s mature, open new CD’s if that is the desire of the local group. This avoids incurring early cancelation fees and complies with the contractual requirements of the CD’s.