10/7/2017 Whose Whose mone money is y is it? it? Its athl Its - - PDF document

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Mon Money Matt Matter ers –It’ –It’s mor more than chec than checks and de and deposits posits Coache aches a and Advisors T Traini ning ng Oct October 17, 2015 r 17, 2015

Whose Whose mone money is y is it? it? It’s athl It’s athlet ete fund e funds, they s, they need to need to have a have a say and say and vote on how it vote on how it is is spent. spent.

You should give financial reports to the team at every meeting or when ever you are asked for it! The more transparent the better. There should be a receipt for every purchase.

Where should the money be kept? Team Funds should never be kept in your personal account, a shoe box, a pocket. It needs to be at your school or in a team bank account.

All team monies All team monies (r (reg egis istration fees n fees, , fundraising e ndraising etc.) a ) are k kept at your ur schoo school. . You You stil still need l need to to prov provide rep e report rts to to you your tea team.

Funds at your school:

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Team Accou Team Account at at local bank local bank

More responsib re responsibilities: ilities: OHSET OHSET’s tax id # must tax id # must be be lin linked to this to this account – account – Conta

• ntact

ct the State Chair or the State Chair or Stat ate Treasurer rer to ge get a a letter er of authoriz authorizat ation. ion. Acco Account need unt needs to s to be be in in the name of the name of Oregon High School Oregon High School Eque Equest strian Teams an Teams with your with your team name on team name on second second line line followe followed by by the teams mailing the teams mailing addres address. s. Supporting documents need to be kept for all activities this may include but is not limited to invoices, emails, receipts etc. The account needs to be reconciled. It is recommended that the “treasurer” not be a signer on the account, not as difficult as you might think! Debit cards are allowed Credit cards are not!

If a Debit card is utilized it must be set up at the bank to not allow cash back or the ability to obtain cash from an ATM. Cash withdrawals from the account is not allowed, the exception to this would be cash needed to set up a change fund for a fundraiser. This should be done by two people and have team approval. Needs to be returned to the account at the conclusion of the event.

The team’s account should never have a negative balance! Funds can not be paid to coaches, advisors, parents or athletes unless it is to reimburse for ALLOWABLE Ohset team expenses. How Should Finances be Reported? Income: Athlete fees, Fund Raising, Donations:

keep separated by type. Expenses: Athlete Fees, Fundraising, Office Supplies etc.: Keep separated by type – no miscellaneous, each expenditure should have a home.

Reco Record rds

Keep it simple but keep copies. Make sure everything you do is transparent!

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Bi-Annual financial reporting July-Dec and Jan-June needs to be sent to the State Treasurer along with a copy of the reconciled bank statement.

Thank you