Question about Finances

Was discussing prospective team yesterday with a friend. Any thoughts on how to best manage a bank account for a fledgling team? Coach wants to mantain integrity and accountabillity so as to have no questions and just focus on coaching, and suggested two-party checking account with any outgoing funds having to be endorsed by two parties (coach and a designee). Wondering if anyone agreed with this way of doing it, or if there were suggestions on how to do it better?
Thanks!

You are right to ask questions. I know of too many instances of someone taking off with $45,000 of the team's money. Yes, having 2 people sign is a good idea. Best is too have a treasurer, that presents a written report to parents. I know of someone that had to even show the documentation of deposits. So, be as transparent as you possibly can.

I know of too many teams, where the parents hand the coach their monthly dues and know nothing of where the money goes.

Be open to the point it doesn't appear you are keeping secrets.
Answer questions.
Provide statements to the parents on a regular basis.

Agree with Amy here.... two signers and or a treasurer is a great plan.
I make a habit of copying my general ledger for any parent or sponsor that wants to see how exactly we appropriate the team money.

I like to be at arms length from the bank account. No coaches have signing authority, 2 signatures, the treasurer plus 1 of 2 other parents. If you have 3 signies, and 1 is away, you always have 2 signatures. Monthly statements emailed to parents.

The above suggestions are probably best if you have an organization behind you with Tax ID's, etc. But if you are an individual team, the Bank will want someone's SS# on the account. Separate account is potentially a team expense for what, in my experience, was about 4 deposits and 10-15 checks during a year.
I just kept a ledger and it was available to any parent. All deposits and checks came into and went from my personal account. Yes, there are ways to make it more transparent, but I wasn't a crook so I didn't fear someone taking a look. My team never had $45,000. I would be surprised if there was ever more than $1000 in the account for more than a week or so. I could have opened a checking account and paid $5/ mo, but chose not to.
No matter what you do, it is possible for someone to steal. So how much of an inconvenience are you willing to construct just to make it tougher on the potential thief?

Thanks, this is great feedback. Keep it coming please.