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Financial adviser outlines options for HDA accounting, bank accounts and tax ID
Summary
Frank Crawford advised trustees to set up the HDA as a separate company in QuickBooks for accounting clarity while optionally using pooled banking; he noted a new tax‑ID may or may not have been issued and that any town transfer of seed funds requires a formal town action.
Frank Crawford, the authority's financial adviser, explained that the simplest way to account for HDA activity is to set up a separate company in QuickBooks while optionally keeping a pooled bank account. "Since you use QuickBooks, the easiest way to account for the activity of the development authority would be to set up, basically, another company," he said, outlining how paper accounting can separate funds even within one bank account.
Crawford noted that whether the HDA has a separate federal tax identification number was unclear in the meeting record; if the HDA uses the town’s tax ID, some payroll and reporting complexities can arise but can be handled on paper. He emphasized any initial funding or transfers would need to be approved by the town board and then accepted by the HDA as a reciprocal action for legal clarity.
