Set up a Financial Plan

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.IMG_1884

  1. Discuss team financial management with school officials and/or financial specialists and understand your options.
  2. Consider filing for an Employment Identification Number (EIN) and incorporate the team through the secretary of state.
  3. 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.
  4. Set up a team checking account with a local bank. They will need the EIN.
  5. Identify all income including donations, student athlete fees, and fundraising efforts.
  6. Identify all expenses including ammunition, League registration fees, targets, uniforms, and school fees if applicable.
  7. Consider creating a “scholarship fund” to be used to help support families that want to participate but cannot afford too.
  8. Create a team budget worksheet to manage and monitor the finances. Considering using a financial software program like Quickbooks to manage the finances effectively.
  9. Determine what payment forms you will accept payment from families.
  10. Determine how you will pay bills and invoices and who is going to pay them.
  11. 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.
  12. Consider fundraising options to help lower costs for the team.
  13. Cash checks that you receive
  14. Establish a fair refund policy that aligns with the school reimbursement policy.
  15. 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.
  16. Collect all fees as early as possible to ensure that all deadlines for the team and the League are met.
  17. Determine who is responsible for team finances and guard that closely.

Resources:

Starting a business or non-profit – IRS Non-Profit Information.

Download a team budget example.

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