Scouts-L Mail Archive for November of 1998: Scout Accounts
Mon, 30 Nov 1998 09:33:18 -0600
Hey everyone we need to remember that BSA does not stand for "Boy Scout
Accounts". We are not in the banking business. I can see several problems
arising from "Scout Accounts".
1. When you pay interest on the account, do you send a Tax Statement out
each year? Yes the Troop is Tax Free but the Scouts are not! Check with a
2. It is a Bookkeeping nightmare. One Summer Camp account is enough.
3. Yes the Scouts earned the money, but it was earned in the name of the
BSA, the Troop and the Charter Org. The Scouts should not be allowed to
use the money for anything but to defray the cost of scouting. I am sorry
but Baseball Gloves and Bikes do not have much to do with scouting.
I am sure that the list of possible problems will expand with this thread on
If the Troops that have accounts like this want to keep doing this, might I
suggest contacting a local bank to see if they could open individual
children's savings accounts up. This way the Troop is out of the banking
business. If the Troop still wants to add to the account, they can do so by
providing a "commission" to all future fundraising events. One of my sons
Troops gives a 10% to 20% commission on all Troop fundraising events. That
money goes for Summer camp or other scouting activities. The troop will
hold the money and the troop will pay for the activities as needed for the
scout. But if the Scout leaves the Troop and even stays in scouting the
money does not go with him.