What to Do with the Money While you are planning your fundraising activities, you should also plan what you will do with the money as you raise it. You should open a separate bank account to hold the funds. This ensures that the money remains separate from your personal funds. It also allows donors to write checks with some confidence that the money will get to the designated beneficiary. Explain what your purposes are to the bank when you open the account. The bank may have specific requirements not outlined in these guidelines. You should title the account something like "Friends of John Smith" or "The Mary Jones Fund." Whatever you decide, the title of the account should indicate who the beneficiary is. Be sure to keep accurate and complete records of the money you receive from the fundraising activities, where it is deposited, and of any payments made to the beneficiary or beneficiaries.