- Jul 12, 2007
I was just wondering if anyone knows... can funds raised through booster club fundraisers be used towards monthly gymnastic tuition?
Aside from buying gym equipment, there are few prohibitions on how the money is spent. The problem generally is how the money is earned and if it is automatically going into team member accounts based on how much someone is working or fundraising.I was just wondering if anyone knows... can funds raised through booster club fundraisers be used towards monthly gymnastic tuition?
It's all about your budget. If you have 200 kids, multiply that by a $50-$75 entry fee. Then deduct your main expenses such as judges, awards, happies, hospitality, hopefully no equipment or location rental, etc. Concessions make very little money unless you target your market directly. Gate and program also bring in money.Thanks LemonLime; now I'm really interested! Is there anyone out there with booster club experience running a smaller meet, say 200 kids, willing to share profit info/tips/horror stories?
All 501(c)(3)s are non-profits, but not all non-profits are 501(c)(3)s. All boosters start their lives as non-profits, but the well-run ones take the next step and become a tax-deductible non-profit, a/k/a 501(c)(3). An organization cannot accept tax-deductible donations unless it is certified by the IRS as a 501(c)(3) organization. The application is extensive but do-able and it takes about 8 months to a year to work your way through the process.Thank you for the advice and that is what I thought, but the owner of the gym was insisting that it wasn't necessary to go through the process of the 501 (c)(3).
Lemon Lime, can you offer some advice??? Our first booster club meeting is next week and I would like to present them with some solid information.
Welllllllllll. . . .Okay, don't mean to sound stupid here, but our gym is in the process of setting up a booster club and the owner doesn't think we need to form a 501 (c) (3) and we just want to be sure we are doing what is legally correct. We have some money we already made from a previous home meet and a little fundraising and our plan is to use that money for things like welcome gifts for new team members, coaches gifts and misc items for the team girls throughout the year (like carryout items for the walkouts etc). Can we just form our club, give it a name, open a bank account and keep it very simple without getting an tax id #?