Setting up and managing your team’s finance efficiently and effectively is vitally important and is in everyone’s best interest. Talk to your school and/or financial specialists in your team’s development stages to explore the best option for you and your team to manage money.
- Discuss team financial management with school officials and/or financial specialists and understand your options.
- Consider filing for an Employment Identification Number (EIN) and incorporate the team through the secretary of state.
- Explore the possibility of aligning financial management with your school and your team may benefit from the school’s non-profit status. If that is not an option, you may want to consider creating a 501(c)(3) organization for your team by consulting with a financial specialist.
- Set up a team checking account with a local bank. They will need the EIN.
- Identify all income including donations, student athlete fees, and fundraising efforts.
- Identify all expenses including ammunition, League registration fees, targets, uniforms, and school fees if applicable.
- Consider creating a “scholarship fund” to be used to help support families that want to participate but cannot afford too.
- Create a team budget worksheet to manage and monitor the finances. Considering using a financial software program like Quickbooks to manage the finances effectively.
- Determine what payment forms you will accept payment from families.
- Determine how you will pay bills and invoices and who is going to pay them.
- Establish first-year financial goals and what you need to reach them. Consider second-year or longer financial support ideas if you suspect your team member numbers will grow substantially.
- Consider fundraising options to help lower costs for the team. Some examples include raffles, community services, donations, team sponsored meals, etc. The key is to make them FUN and ENGAGING!
- Cash checks that you receive in a timely manner.
- Establish a fair refund policy that aligns with the school reimbursement policy.
- Seek out donations from local business’s looking to support the team. Create and send a letter to potential donors explaining the need for the donation, how it helps student athletes, and thanking them for their support.
- Collect all fees as early as possible to ensure that all deadlines for the team and the League are met.
- Determine who is responsible for team finances and guard that closely.
Starting a business or non-profit – IRS Non-Profit Information.