Coogan Accounts

 A Coogan Account (named after former child actor Jackie Coogan) in California, is a special bank account set up to save  a minimum of 15% of the child's total earnings. Every time your child works for someone in the entertainment business, a portion (percentage) of that money is automatically deposited into the "Coogan Account" (aka Minor Blocked Trust Account), so it is required that you set up this account before your child starts modeling or acting professionally.

Some financial institutions need you need to show proof of employment before they will set up an account and some do not. For those with principal or speaking roles, contracts from the production company can be used to show proof of employment.

For those with background roles, you must first complete a day of work and use your voucher receipt as proof of employment.
Coogan Accounts should be obtained within 90 days of employment or it goes to The Actors Fund of America, a California trustee of unclaimed Coogan funds, after 180 days. This organization will hold the money in trust until it is properly claimed.
Not all financial institutions "do" Coogan Accounts. You need to search on line, then call. If you ask them and they are not familiar with what a Coogan Account is, then, it's just best to call the next bank on your list!
Keep in mind that any funds deposited into your child's account, will only be available to your child when he/she reaches 18 years of age. Picking an institution in Hollywood such as First Entertainment Credit Union (if you are in Southern California) is a good choice. They have been dealing with Coogan Accounts for many years and will do everything via regular snail mail or email, depending on their current policies.

If you're not in California (or not shooting a project in California), you are not required by law to obtain a Coogan Account. However, depending on the State you reside in, there may be other legal requirements. Feel free to check those requirements with the PR Company that referred you to us. They will happy to assist you.

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