BP 11122023 129pm - Flipbook - Page 152
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$100,000 weekly rolling limit on standard transfers to a
bank account
$50,000 weekly rolling limit on instant transfers to a bank
account
2) Business Profile – Similar to a charity profile but with higher fees and
does not participate in the PayPal giving fund. We do not recommend
setting up a business profile since it does not support the needs of a notfor-profit organization.
3) Personal Profile – A personal profile should only be used for peer-to-peer
transactions and its use for business purposes violates Venmo policy.
Some archdiocese entities have established a personal Venmo account
for accepting donations/payments for events/etc. with approval of the
pastor and, currently, Venmo’s system allows this to occur despite it
being against their policy. The archdiocese’s best practices discourages
the use of personal Venmo profiles at charitable organizations and leaves
it to pastors to decide if they are willing to assume the risks, limitations,
and inefficiencies in the doing so. We recommend that all personal
accounts be transitioned to the Charity profile as soon as possible.
Tips and suggestions to consider when setting up a Venmo Charity Profile
⮚ The name of the account should match the legal name and tax id
(EIN) of the entity.
⮚ Setup a dedicated cell phone # in the parish’s name (must be able to
send/receive texts).
⮚ If a personal cell phone # is used, additional controls should be
implemented.
⮚ Link the organization’s operating bank account, not a personal bank
account.
⮚ Upload a well-recognized photo of the organization to the Venmo
account.
⮚ Since Venmo acts like a bank account, user access level should be
well thought out. Identify who should be the Administrator of the
account. There should be a segregation of duties between the
individual assigned as the Administrator and the person responsible
for monitoring the account.
⮚ Set email notifications to individuals responsible for oversite.
Consider creating an alias email (venmo@parishname.com) that is
only used for monitoring Venmo, also consider sending emails to
multiple people for oversight.
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