Treasurer's Guide to Managing Team Finances (Escrow Policy)

 

CONTEXT: 

As a Team Treasurer for Renegades Soccer Club, it is crucial to effectively manage the team's expenses to ensure its success. This guide will provide you with instructions on using Playmetrics Team Accounts for receiving funds and collecting payments for both covered and uncovered expenses. By following these best practices, you can conveniently handle team funds while maintaining transparency and accountability.

 

RESOURCES:

Playmetrics Team Accounts "Getting Started"

Playmetrics Slide Show:  Team Accounts

 

 

VIDEO: 

 

Covered vs Uncovered Expenses:

Renegades Select Teams have two types of expenses: covered and uncovered. Covered Expenses, including Tournament Stipends and Referee Stipends, are provided by Renegades. However, if a player(s) or the team is not in good financial standing, stipends may be withheld. Uncovered Expenses, such as Coach Travel Expenses, Secondary Fall/Spring League Fees or Winter/Summer League Fees, Team Parties/Events, Team Equipment, and Indoor Fields, are not covered and must be collected from the players/parents of the team.

 

Covered Expense Policy:

Playmetrics Team Accounts enable RSC Operations to deposit stipends into team accounts. Stipend deposits are split into Spring and Fall, $750.00 each deposit. Referee fee deposits are split into 70/30, with 70% of Referee fees being deposited in the Fall and 30% getting deposited in the Spring. In rare cases where a team is delinquent in paying Club Dues, stipends will be withheld until the Director of Coaching, Treasurer/Manager, and Coach agree on a path forward. Otherwise, deposits will be made into team accounts by August 15th and February 1st.

Best Practices for Managing Team Funds:

Once you have set up a Playmetrics Team account, it is essential to follow these best practices for effectively managing and distributing your team funds:

Account Management Policy:

Team Bank Accounts should be managed by the elected (appointed) Team Treasurer. All teams must adhere to the guidelines provided by Playmetrics regarding account health and utilization. Renegades Soccer Club may monitor activity but will only intervene in case of suspicious transactions or account maintenance issues. The purpose of establishing an escrow account is to provide a convenient means of paying referees, league and tournament fees, and other miscellaneous expenses.

Managing Your Account:

To ensure propriety and accountability, it is crucial to avoid granting the Coach direct access to the team's escrow account. The responsibility of managing the account falls on the team's parents. At least two team parents should hold primary responsibility for the escrow account, ensuring continuity in case one of the account holders departs or becomes unavailable. The following options are recommended:

  1. Team Manager and a designated "Team Treasurer"
  2. Two "Team Treasurers"

The team's escrow account managers are responsible for:

  • Establishing a budget
  • Creating a payment schedule for funding the account
  • Collecting payments from parents
  • Overseeing the use of funds
  • Providing quarterly reports to team parents on fund distribution

Guidelines: 

To maintain a healthy account and prevent issues, please adhere to the following guidelines:

  1. Maintain a minimum balance of $1 to prevent account closure due to non-use.
  2. Keep the account in good standing.
  3. Address any overdrawn balance immediately to avoid financial penalties.
  4. Prohibit misuse or personal use of the team account.
  5. Report lost or stolen debit cards immediately.
  6. Do not share online banking credentials with unauthorized individuals.
  7. Safeguard the account as if it were your own.
  8. Playmetrics Teams allow quick transfers of funds between the team and club if needed, with the Team Manager responsible for executing such transfers.

Conclusion: By following these guidelines and best practices, you can efficiently manage team expenses for Renegades Soccer Club. Utilizing Playmetrics Team Accounts, you will have a convenient and transparent method of handling funds, ensuring timely payments for covered and uncovered expenses. If you have any further questions or require assistance,

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