Yes, we definitely established a reunion bank account, and appointed a treasurer for our reunion. The treasurer collects registration fees, money for T-shirts and other family memoribilia, money from fundraisers, etc. That person is responsible for depositing those funds, writing checks to cover reunion deposits and other expenses, and with providing the committee with an accurate, detailed financial report at each meeting.

It's important that you choose a treasurer who has experience in successfully managing money, and is familiar with reporting financial activity.

Also, you may want to consider requiring more than one signature on each check written on the reunion account.

Just a couple of hints about what worked for us. Hope they help!