Two months down for 2021. While writing this article, the stock market is hitting new heights, the governor is getting close to being recalled, the majority of the state is still in the purple tier of COVID restrictions and the second impeachment trial for former President Trump has concluded. And we all thought 2021 was going to be less exciting.
Regarding the current financials of PORAC, here are some positives for 2020. Due to COVID and the state lockdown, PORAC was able to save hundreds of thousands of dollars. Which is not great, but just the reality. PORAC was able to use some of this money to pay for a portion of the furniture for the new building. PORAC also was able to put $300,000 into our investments, which is projected to grow considerably in 2021 (please refer to your broker for investment advice). As Vice President Kurtz continues to actively bring more members to join PORAC, we will continue to grow financially.
The final financial state for 2020 will be concluded soon, and hopefully, I will be able to share with you the actual numbers. I will also be able to give you an unaudited first quarter for 2021.
Now, let’s talk about savings and checking accounts. What should we do for a bank account? The short answer would be a checking and savings account. At the least, all associations should have a business or corporation checking account. These types of accounts usually have a lot more paperwork to sign and rules on how the finances are distributed. One important difference is a business checking account (should) require multiple signatures on all checks. An important reason for having a business account is that association money is not tied to the treasurer or other association members. Regarding savings, we all know that a savings account is going to make little to nothing in interest. But if you do not have any money in investments, it is a good place to start.