Do I have to attach receipts to a requisition; does this mean the team has to pay for the trophies and the pizza party before-hand, prior to getting reimbursed?
The response is: Yes. This is an IRS regulation. If you are given a check for $100 the IRS considers that taxable income to you unless you provide a receipt (i.e., you are using league fund raisers to avoid income tax). Teams use the Non-Profit tax status of UCYSL, Inc. to avoid paying state and federal income taxes on their fund raisers by holding it in an account maintained and disbursed by UCYSL, Inc. Union City Youth Soccer League, Inc. is a Non-Profit Corporation under the IRS code section 501C(3).
You can meet this obligation in several ways.
1. Pay for items send me the receipts along with a requisition signed by the coach (we have had problems with unauthorized purchases in the past). I will write a check to you directly.
2. Get an order or estimate from your vendor, send it to me along with a requisition and I will issue a check to the company. This is NOT A DIRECT BILL TO UCYSL! The order is still in your name. All we are doing is writing a check from your account directly to the vendor.
Checks should be turned around in 1 week or less.
The UCYSL Board maintains team funds for the exclusive use of your team. These funds come from several sources, which can include sponsorships, league fund-raisers (Candy Sales for example), and collections from team parents. Once these funds are credited to your team’s account they may be used for any number of purposes related to your team.
The most common uses for team funds are to pay for tournament bids (usually around $250 each), team banners, food for tournaments, uniform accessories (a bag for example) and team parties. A requisition and a receipt must accompany requests for reimbursement. Checks are written weekly and mailed directly to the requester (Usually written on Wednesday mailed on Friday). It is important to keep in mind the following information about team funds.
Where do I get requisitions and where do I turn them in ? A copy of the requisition form is in the coaches binder (remember to make a copy). Requisitions are also available on the League Web site. Requisitions with receipts attached can be turned into a Board Member of the League or mailed directly to the Treasurer. Email him for his address at:Valadas@sbcglobal.net. The league P.O. Box is not the best place since it is not checked daily so this would cause a delay.
How do sponsorships work? Teams receive 100% of all sponsorships.
How much money does a team need ? Be realistic about money. Talk to your team about a budget. Find out how much money you really need to raise. As a rule older teams need more funds than younger teams since they often attend tournaments. An under 6 team that raises $600 is realistic since there are no tournaments for this age group and few other opportunities to spend it on soccer related expenses. Keep in mind that older teams need more money and getting lots of sponsors, just to return it to the treasury represents lost opportunities for other teams.
How do I find out how much is in our team funds? If you would like a detailed print out of your account balance, send in a request to the Treasurer and a copy will be mailed to you.
What happens with left over money at the end of the year? On December 15, of each year the League recovers unspent funds (except for competitive teams which operate year round) and returns these amounts to the league general fund. If you need an exception, you must contact the league treasurer and get an extension, in writing before December 15.