We are about 20 families with common background and roots living in Massachusetts, closely related. We organize a reunion once a year. We also try to help each other financially when we can. To organize the reunion usually some of us pay the costs up front and then get refunded much later by the families. Also, sometime if a family has an emergency (like a death or health problem), we scramble for a few days to collect money to help.
What we would like to do is ideally have a bank account, under no specific person's name, to which every family deposits automatically each month a small sum of money (say $40). This way, we have money ready to use to organize the reunion, or pay for emergency events.
My question is how do we go about doing this? Do we need to create some sort of organization in order to create the money account? is there anything in the financial/banking tailored for this situation already?