High School Finances/coach Management

[Kolleen]

I am taking over as head coach with my current program where I am assistant. We do not have a booster club, and so the coaches have organized finances in the past. The current system the head coach had a business account with Wells Fargo, where all the cheer money went and I was a signed/had access to the debit card.

We closed that count, on the premise that I would open a new one (we tried signing it over to me but can't since she has to go to the state with the "business" name or something like that).

Moving forward, I am trying to cover my bases. Obviously I will be honorable and open with the account and not abuse it, but I want to cover my bases so I am not at risk for liability here since we have not yet hired an assistant and it will just be me with access to the account.

What does your school use? Is your AD signed on the account? Just coaches? I just don't see how this is appropriate since there is no oversight set up by a third party, and technically as a coach I could potentially abuse the access. Help!

 

[tojofasho]

I am taking over as head coach with my current program where I am assistant. We do not have a booster club, and so the coaches have organized finances in the past. The current system the head coach had a business account with Wells Fargo, where all the cheer money went and I was a signed/had access to the debit card.

We closed that count, on the premise that I would open a new one (we tried signing it over to me but can't since she has to go to the state with the "business" name or something like that).

Moving forward, I am trying to cover my bases. Obviously I will be honorable and open with the account and not abuse it, but I want to cover my bases so I am not at risk for liability here since we have not yet hired an assistant and it will just be me with access to the account.

What does your school use? Is your AD signed on the account? Just coaches? I just don't see how this is appropriate since there is no oversight set up by a third party, and technically as a coach I could potentially abuse the access. Help!

I'm surprised your school is set up this way - you're right in that it would be very easy to abuse. In my district, all funds go through the bookstore, and thus the school gets to oversee everything to avoid a situation where a parent can say a coach is 'abusing' the account. I never even touch any of the money, and still I have parent complaints! Here are a few steps to ensure no parent can accuse you of anything:

1. Have a very detailed digital and physical copy of a spreadsheet depicting all funds you collect from the girls. For example, is Sally gives you $100 for clothes on 10/22 and Janice gives you $50 on 10/22 and $50 on 10/25, make sure to put all of this info into your spreadsheets - it is always better to put more information than less, and those dates will ensure you don't only credit Janice for one $50 deposit. Additionally, buy a receipt book and give any cheerleader or parent who hands you money a receipt to keep for their own records (you can get these at the dollar store).
2. Keep every single receipt and invoice that you get for any orders that you place, and keep them in a safe place where you won't lose them. Maybe even scan them online! Having the invoices to back you up gives you proof that things costed as much as you had the girls pay.
3. Be upfront that your cheerleaders cover the costs of coaches from the start if that's the way your program is set up. That way, if everyone on the team is getting shirts that are $10 and you charge $11, the parents know the extra $1 per shirt is going to get you one to match the team. While this may not seem like a huge deal, parents will make a fuss, and it's better to get it out of the way ASAP. This is especially important if you're traveling and have to stay in a hotel that the school won't cover - I let my parents know from Day 1 that I do not make nearly enough to pay for that kind of thing on my own and that it's split between all the cheerleaders evenly.
4. Deposit money ASAP. Do not keep it on you any longer than you have to - you're at risk of it getting stolen and then you are liable for the lost money and you have to put it back.
5. Be very upfront and open about letting parents see the books if they ask.

Do not get discouraged if a parent makes any accusations about the finances. Simply show them the paperwork to back yourself up and they won't be able to fight you on it. If you lose that paperwork, though, that's when the trouble begins. Like I said, it's always better to save it rather than be sorry at a later time that you didn't.

If you have any questions, feel free to message me privately or respond on here - finances is kind of my thing so I'm happy to help as best as I can!

 

[Joanie]

Definitely agree with everything posted above!

One thing I really recommend is having the girls sign off when they hand any money over and always give receipts. Make sure to keep your copy. For my program, whenever money is exchanged the cheerleader and BOTH coaches put initials on a spreadsheet to acknowledge how much they are paying, what they're paying for, that they're paying the correct amount, etc. It protects all parties involved. If two coaches sign off it is a lot harder for either to get away with stealing money, and having two witnesses saying someone didn't pay is a lot easier to defend when a cheerleader is claiming she turned in money and both of you know she didn't. And if there's a conflicting story between coaches, school officials know something might be up. It seems like a paranoid way to do things, but it's important to protect yourself when handling money.

Always have a back up, always have proof, and always have a witness.

 

[AScheer]

I'm a little surprised that the school system allows a private bank account for a school sponsored sport. Are you able to fund raise without being a 501c3? Do you pay taxes since it's an individual account and payments could be considered income? I find it very interesting.

Here, everything is done through the school. Our school has 1 bank account for everyone. We have book keepers who are responsible for the account breakdowns, depositing money, approving spending, etc. All money collected gets recorded on our official school board spreadsheet, and turned into the book keepers no later than 3 days after collecting. The books are open to anyone to see if ever questioned by a parent. Every time we purchase anything, a PO is required and it takes 4 signatures to make that happen. There is so many steps to the process, but it is honestly all there to protect the coaches and staff from accusations. If you want I can scan in a form and send to you so you can come up with something similar.

Do you have the option of going through the school? If so, I would highly recommend it. If you keep a wells fargo account in your name, I would definitely find a way to add someone to it, HOWEVER I would try to find a way that allows them to see/monitor the account without being able to touch it. You just never know....

 

[coacha]

We use a booster club, and if you find that you can't go through your school, you might consider setting one up.

My advice is simply to document everything. Keep all receipts and invoices, make copies of everything, always write down whether cash or check was given to you (and the check no. if it was check).

I'd also suggest that as much as possible, use companies that allow the money to be exchanged directly between the cheerleader and the company instead of using you as a go-between. For example, we order shirts from customink and utilize their online order form and require payment through them. We do the same with things like poms, sneakers and bows at the beginning of the season though teamcheer - we set up the web order through them that allows us to pick the items required and the girls order directly through teamcheer on their own. The less money filters through you the better. (This doesn't work for everything but it does help.)

 

[Kolleen]

Thanks everyone! It weirds me out too- I even spoke with our AD who recommended I have parent as a signer?

Anyway, I've been giving receipts anytime I accept or give money, and keeping detailed spreadsheets so hopefully it goes well!

 

[Kolleen]

I'm surprised your school is set up this way - you're right in that it would be very easy to abuse. In my district, all funds go through the bookstore, and thus the school gets to oversee everything to avoid a situation where a parent can say a coach is 'abusing' the account. I never even touch any of the money, and still I have parent complaints! Here are a few steps to ensure no parent can accuse you of anything:

1. Have a very detailed digital and physical copy of a spreadsheet depicting all funds you collect from the girls. For example, is Sally gives you $100 for clothes on 10/22 and Janice gives you $50 on 10/22 and $50 on 10/25, make sure to put all of this info into your spreadsheets - it is always better to put more information than less, and those dates will ensure you don't only credit Janice for one $50 deposit. Additionally, buy a receipt book and give any cheerleader or parent who hands you money a receipt to keep for their own records (you can get these at the dollar store).
2. Keep every single receipt and invoice that you get for any orders that you place, and keep them in a safe place where you won't lose them. Maybe even scan them online! Having the invoices to back you up gives you proof that things costed as much as you had the girls pay.
3. Be upfront that your cheerleaders cover the costs of coaches from the start if that's the way your program is set up. That way, if everyone on the team is getting shirts that are $10 and you charge $11, the parents know the extra $1 per shirt is going to get you one to match the team. While this may not seem like a huge deal, parents will make a fuss, and it's better to get it out of the way ASAP. This is especially important if you're traveling and have to stay in a hotel that the school won't cover - I let my parents know from Day 1 that I do not make nearly enough to pay for that kind of thing on my own and that it's split between all the cheerleaders evenly.
4. Deposit money ASAP. Do not keep it on you any longer than you have to - you're at risk of it getting stolen and then you are liable for the lost money and you have to put it back.
5. Be very upfront and open about letting parents see the books if they ask.

Do not get discouraged if a parent makes any accusations about the finances. Simply show them the paperwork to back yourself up and they won't be able to fight you on it. If you lose that paperwork, though, that's when the trouble begins. Like I said, it's always better to save it rather than be sorry at a later time that you didn't.

If you have any questions, feel free to message me privately or respond on here - finances is kind of my thing so I'm happy to help as best as I can!

Yes! I saw your post on some other Financial Thread and used that structure when I set up my spreadsheet, so it's a similar system. Thanks for all the tips!