In FSO in the "Profitability" section, what is considered in the ‘Cash-Money Market/Depository’ account?
Cash-Money Market/Depository - This is the MC’s Depository Account and the account set up as the WinMORE default for commission deposits.
- Maintaining a Depository Account is highly recommended; however, this account must be in the name of the Market Center and must be included on the MC’s Balance Sheet.
- The OP is the only signatory on this account and is responsible for transferring sufficient funds out of this account to the MC’s Operating Account to cover the MC’s expense budget each month. If the transfer does not cover the MC’s monthly expenses, the TL and MCA are accountable to the OP to justify the variance when requesting additional funds.
- The MC may never have a debit or ATM card on any of the MC bank accounts!