Information relating to personal and business Venmo accounts

Venmo – with a treasurer’s personal account

• The treasurer accepts contributions into personal Venmo account, then transfers funds to his/her personal account; the “Coffee Can”.
  
• It is important to understand that, if the treasurer uses Venmo for personal expenses, then the group’s money is mixed with the personal money – in the same manner as money is mixed in the personal checking account.
  
• Unless changes are made to Venmo settings, transactions are public and shared with the Venmo owner’s social network. Treasurers should take caution to make all transaction private in order to maintain the anonymity of A.A. members make contributions to the group via Venmo.
  
• A 1099 income statement is not issued by Venmo for personal accounts.
  
• Venmo does not charge any fees for personal accounts, so the full amount of a contribution may be transferred to the “Coffee can”.
  
• A Venmo personal account is a prerequisite for obtaining a Venmo Business profile.
  
• Only one (1) personal account per phone number; which must be a cell phone.
  

Venmo – with an A.A. Group (Business) Bank Account

• A Venmo personal account is a prerequisite for obtaining a Venmo Business profile.
  
• Treasurer accepts contributions into business Venmo account, then transfers funds to “Coffee Can”
  
• Business transactions are kept separate from Personal in Venmo.
  
• Be prepared to receive an IRS form 1099 from Venmo – to be used in completing annual online N-990 tax postcard. Note tax liability, for A.A. groups, begins with acceptation more than $10,000 in contributions during a single year. Refer to the A.A. Finance Guidelines published on the sight.
  
• Venmo charges transaction fees for business accounts; currently 1.9% + $.10 per transaction
  
  More information can be found at: //help.venmo.com/hc/en-us/sections/360009390174-Business-Profiles