All about bank accounts
Minnesota Campaign Finance and Public Disclosure Board

Do we need a bank account?
A candidate committee, political committee, or party unit must have its own bank account. Acandidate committee, political committee, or party unit cannot mix its funds with any othermoney. All money received by a candidate committee, political committee, or party unit must be
deposited into the entity’s bank account.
Generally, an association that has a political fund does not need a separate bank account for
the fund, but it must have an accounting system that tracks the money that constitutes thepolitical fund. However, if the association accepts more than $1,500 in contributions specificallyto influence the nomination or election of candidates or more than $5,000 in contributions
specifically to promote or defeat a ballot question, the association must have a separate bankaccount for those contributions. All money that constitutes an association's political fund must
be deposited into the association's bank account or into the political fund’s bank account if theassociation maintains a separate bank account for the fund.
What should we call the account?
The bank account must be called the “Campaign Fund of (name of candidate, or entity if not acandidate).” The name on the checks, however, can be the name of the committee, fund, orparty unit. Because committees, funds, and party units registered with the Board must provide
their registration numbers with their contributions, many committees, funds, and party units havetheir registration numbers imprinted on their checks.
Who should have access to the account?
The treasurer must have signing authority for the account. It is strongly suggested that thecandidate, the chair of the committee or party unit, or some other person in the group also havesigning authority for the account. The secondary signer, however, should not regularly write
checks. Instead, the secondary signer’s role should be to be available in case the treasurer
resigns suddenly or is unable to carry out the job’s duties. This is also a good tool for financial
control because it ensures that at least two people have access to the official bank records.
Duplicate bank statements or online viewing access also is a recommended best practice.
How do we get an IRS identification number?
To open a bank account, you need an identification number from the Internal Revenue Service(IRS). The IRS has two types of identification numbers: an individual number (TIN) and anemployer number (EIN). The IRS gives EINs to political organizations, even those who are notactually employers. For more information on IRS identification numbers, see the information
sheet on how to get a federal tax number.
When do we need to deposit contributions?
In general, you must deposit contributions within 10 business days of receiving the money. Youmay want to make copies of any checks before you deposit them because this may make iteasier to reconcile your financial records.

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