Legal Question in Business Law in Virginia
Treasurer's Bond
Our Treasurer (Charlotte) is retiring in December, but is going to continue to assist us by helping the new Treasurer. Charlotte has been telling Members of our nonprofit community organization that someone is supposed to bond her - but in the 18 years she has been there NO ONE will bond her (No one will perform the annual audit that is required in our Bylaws). The Members' response to all this is ''We trust you..''
That is NOT the point of bonding and auditing the accounts.
What is a bond for the Treasurer, as we ARE going to do this for the incoming Treasurer? How do you go about doing a ''bond''.
Thanks!
1 Answer from Attorneys
Re: Treasurer's Bond
A bond is a kind of insurance designed to protect a
person or organization from possible losses over which they may have no control. You should be able to find a bonding company either locally or on the Internet which would be willing to write a bond for the treasurer of your particular nonprofit community organization.
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