Investment Account

Richard Laager rlaager at
Sun Aug 28 19:56:15 EDT 2022


The board tasked me with investigating opening a brokerage account. We 
would like to have one such that people could donate stock to us.

I spoke to Fidelity about opening an account. It seems relatively 
straightforward. There are some hoops to jump through, but I expect this 
would be the same or similar anywhere. There aren't any fees, so we 
aren't going to get a better deal anywhere else.

Proposed Action:

I propose we open a brokerage account with Fidelity, with at least John 
(assuming he is able to) and me on the account. Matthew MAY be on the 
account if he or the group wishes, and SHOULD be on the account if John 
cannot. While externally a SHOULD, I believe we should view having a 
minimum of two people on the account as a MUST from our point of view.


The application is here:

Pages 1-15 are the application. We would NOT need the "Trusted Contact 
Authorization Form".

There can be up to 7 people who have (full) access to the account. One 
of those SHOULD be a Control Person (President, Vice President, or 
Treasurer). If none are, then a Control Person's information still MUST 
be provided. Assuming our website's list is accurate, those people are 
John (as President and Treasurer) and Matthew (as Vice President).

The PDF only supports filling in two people. We'd have to print and 
insert additional pages for more than two.

According to the checklist on page 15, it seems that we will need to 
submit a copy of our Articles of Incorporation.

Additionally, if I'm reading this correctly, we need to either have ALL 
Authorized Individuals (which I think is the same as Control Person, so 
President, Vice President, and Treasurer) on the application OR one of 
the people NOT listed must also sign the form.

If John is one of the people, there may be additional requirements since 
he works for a "financial institution". See the "Associations" section, 
page 4, which reads:

> If you are employed by or associated with a broker-dealer, stock exchange, exchange member firm, the Financial
> Industry Regulatory Authority (FINRA), a municipal securities dealer, or other financial institution, or are the spouse or
> an immediate family member residing in the same household of someone who meets the aforementioned employment criteria, provide the company’s name and address below. By providing this information and completing this form,
> you hereby authorize Fidelity to provide the associated person’s employer with duplicate copies of confirmations and
> statements, or the transactions data contained therein, for your account(s) and any accounts you choose to have on a
> consolidated statement for purposes of their compliance review.
I recall volunteering to manage the brokerage account, if the group 
desires. Some possible configurations might be:
    - John & Richard
    - John, Matthew, & Richard
    - John & Matthew
    - Matthew & Richard (e.g. if being on the account is a problem for John)

We will need to link the corporate bank account at some point to get 
money in or out, so we might as well do that as part of the account 
setup. We will need the routing and account numbers, plus "a voided 
check, deposit slip, or bank statement with the account number and all 
owner names preprinted on it."


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