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Club finances


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#1 allritecoach

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Posted 15 October 2016 - 12:59 AM

We are working on starting up a club.  Our AD at the school I coach at would like for all of the monies to go to through the school.  All of the money we raise will only be used for wrestling, not any other sports.  My question is, does anyone else do it that way?



#2 MadMardigain

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Posted 15 October 2016 - 02:03 AM

As far as the youth program goes, if the money is being used in conjunction with the MS & HS programs, you are getting the facilities for free for youth events and/or youth insurance is being covered by the school then they are likely making a claim the school needs some oversight in case of some financial issue. A schools financial director is often a stickler for these items to help avoid future law suits or fraud issues.

If the youth programs has completely separate funding from the MS & HS teams, you are independently insured, you are paying a fee to use the schools facilities if would seem you are an independent organization renting their facilities. As such they really have no reason to have over site on the funding. But as such you are also being left wth sole responsibility, which could lead to some sticky situations without the school there to back you up.

I've seen it work both ways depending on how inter connected the program is to the school system and which parts of the program the fundraising money can get earmarked for. If the AD is keeping the money in a fund just for wrestling and is allowing the coaches or the youth director to have some freedom in its spending then it may not be to bad of a deal. But it's always good to make sure an agreement is written out on how access and spending of the funding is determined. It's also probably useful to document the funding separately, so you know what it is when talking with the AD about what there is to spend.

#3 Jeff_Pape

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Posted 27 February 2017 - 12:47 PM

One thing that was mentioned above that I think is worth highlighting is figuring out what kind of legal organization you are going to be. Go through the proper steps and make sure you set up a legal organization that protects you as a club leader and a coach and also your members. And also so you can take advantage of any tax breaks.

 

Now a days you have to have a Social Security number or a EIN to open up a checking account. No way would I put it under my own Social Security number...

 

One piece of advice I always gave my accounting clients is it is cheaper to pay an attorney to set it up properly the first time. 


Jeff Pape

WrestlingGear.Com





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