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Post by docnfulton on Dec 5, 2015 14:36:31 GMT -5
Here are a few thoughts, 1. Set up a separate checking account. 2. Collect $x money I before each season that should cover tourneys, online checkin, etc. 3. Set rules on how to handle extra tourneys. 4. Have a Tournament manager for team in addition to team manager that only handles tourney administrivia. 5. Determine hoe to handle scholarship players. 6. Digitize all documents. 7. At end of year redistribute funds or provide party
The above is rare although I've seen some teams operated like this
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Post by jash on Dec 5, 2015 15:25:32 GMT -5
Ask the club to pay for the tournament then collect and pay it back. Being team manager does not mean you have to loan money -- especially when there are always at least one or two who drag their feet paying, for whatever reason. The club should have plenty in operating capital to handle this.
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Post by SoccerMom on Dec 6, 2015 17:00:10 GMT -5
Hello all, I'm hoping to get some answers regarding "best practices" for handling team finances. • How do teams/clubs typically handle things for tournament payments, etc.? • Is this something that the team manager usually handles and then other parents repay? • Are there other options? I am currently a team manager. I ask because it's become quite burdensome (multiple teams in a pool, 30 players or so) and I'm not comfortable continually paying out of pocket and then collecting from parents. I also don't like the finances mixed into my personal accounts. Your feedback and suggestions are greatly appreciated. Thank you. I'm a TM, i handle a pool also...not 30 players...but around 20 (2 teams) I don't pay anything up front, I collect from parents as soon as I'm told what tournaments we are doing and then pay. I have a separate bank account at a separate bank for the team. For my older daughter team im not TM but since we travel more we have a team fund in which we pay into and put our fundraising $$. We do a budget at beginning of year of expected expenses and expected fundraising funds and then what we believe cant be covered gets divided into the quantity of families and we pay into the fund.
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Post by soccertwins on Dec 9, 2015 11:14:07 GMT -5
I've used PayPal to collect fees from parents and then pay for tournaments once all money is collected. I track payments on TeamSnap account and PayPal keeps track of received and transferred funds. It's all electronic so I don't have to fool with cash or check deposits.
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Post by Deleted on Dec 9, 2015 12:41:06 GMT -5
We have a team bank account with a debit card associated with it and PayPal linked to it. We encourage parents to use PayPal for paying their tournament fees since it's so much easier to handle payments there than through cash or check. We also use TeamSnap to track payments.
We're not always good about collecting tournament fees early enough but when we do, we use the team debit card to pay the tournament application fee. We also use the debit card to pay for the coach's hotel room at away tournaments and his meals while out of town. We have a business account at WellsFargo so we can associate more than one person to the account (and can add/remove people as needed). It requires having a small balance to keep it fee-free but I like the business account better than setting it up under one person's social security number.
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