As long as you keep very clear records and the disbursements always equal the receipts, there are no tax implications. I would avoid going anywhere near the business' income and expenses accounts. When funds are received, book them as a liability, as they are owed to the other organization. When disbursed, reduce this liability account.
I would suggest looking for a better solution to this in the long run. Perhaps having the organization set up a bank account in its name, that you could make deposits to, but only they could write checks to draw out the funds.
