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

10/7/2017 Whose Whose mone money is y is it? it? It’s athl It’s athlet ete fund e funds, they s, they Mon Money Matt Matter ers –It’ –It’s mor more than chec than checks need to need to have a have a say and say and and de and deposits posits vote on how it is vote on how it is spent. spent. Coache aches a and Advisors T Traini ning ng Oct October 17, 2015 r 17, 2015 You should give financial reports to the team at every meeting or Where should the when ever you are asked for it! money be kept? The more transparent the better. There should be a receipt for every purchase. Funds at your school: Team Funds should never be kept in your personal account, a All team monies All team monies (r (reg egis istration fees n fees, , shoe box, a pocket. It needs to fundraising e ndraising etc.) a ) are k kept at your ur be at your school or schoo school. . in a team bank account. You You stil still need l need to to prov provide rep e report rts to to you your tea team. 1

10/7/2017 Team Accou Team Account at at Supporting documents need to be local bank local bank kept for all activities this may More responsib re responsibilities: ilities: include but is not limited to OHSET OHSET’s tax id # must tax id # must be be lin linked to this to this invoices, emails, receipts etc. account – account – Conta ontact ct the State Chair or the State Chair or The account needs to be Stat ate Treasurer rer to ge get a a letter er of reconciled. authorizat authoriz ation. ion. Account need Acco unt needs to s to be be in in the name of the name of It is recommended that the Oregon High School Eque Oregon High School Equest strian Teams an Teams “treasurer” not be a signer on the with your team name on with your team name on second second line line account, not as difficult as you followed by followe by the teams mailing the teams mailing addres address. s. might think! Debit cards are allowed The team’s account should Credit cards are not! never have a negative If a Debit card is utilized it must be set up at the bank to not allow balance! cash back or the ability to obtain cash from an ATM. Funds can not be paid to coaches, Cash withdrawals from the account is advisors, parents or athletes unless it is not allowed, the exception to this would to reimburse for be cash needed to set up a change fund for a fundraiser. This should be done by ALLOWABLE two people and have team approval. Ohset team expenses. Needs to be returned to the account at the conclusion of the event. Reco Record rds How Should Finances be Reported? Income: Athlete fees, Fund Raising, Donations: keep separated by type. Keep it simple but keep copies. Make sure everything you do is Expenses: Athlete Fees, Fundraising, Office transparent! Supplies etc.: Keep separated by type – no miscellaneous, each expenditure should have a home. 2

10/7/2017 Bi-Annual financial reporting Thank you July-Dec and Jan-June needs to be sent to the State Treasurer along with a copy of the reconciled bank statement. 3