Booster club financial policies The following are suggestions related to handling money to assist in ensuring proper accountability. This Booster Liaison is responsible for reading and following this Procedures Manual, signing the Booster Club Agreement, and acting as the contact between the booster financial clerk and booster fundraising chair, and the CF Treasurer Liaison, Treasurer, and Club Liaison. Step #1: Gather financial documents including:. • The booster club shall have an annual budget approved and adopted annually. Taxable organizations operate under different guidelines than tax-exempt organizations and are required to submit Form 1120 (U. • The booster club shall not make cash disbursements from fundraising cash collections. A strong foundation prevents future mismanagement. • The booster club shall not make checks payable to CASH. PBUSA does not, however, provide legal or accounting advice and any information that we provide, including the information in this website, should not be considered legal or accounting How to Manage Booster Club Finances Effectively 1. It is highly recommended that the club’s financial • The booster club shall retain all financial records for at least three (3) years. Set Up a Clear Financial Structure. Open a Dedicated Booster Club Bank Account. S. a) Receiving Money The person receiving the money while in the presence of the person turning in the money should count all money received. Parent Booster USA (PBUSA) is a tax-exempt charitable and educational organization that provides information and resources to schools and their booster clubs. Corporation Tax Return) annually. This review is intended to ensure that appropriate financial policies are in place, and that each organization is following these policies. It is further recommended that School support organizations (booster clubs) should conduct a financial review of the organization's financial practices each year. If a Parent Organization or Booster Club has not obtained tax -exempt status from the IRS, that Parent Organization or Booster Club is a taxable entity. 2. Never mix personal and booster Booster Clubs Money refers to cash, checks, money orders, or cashier’s checks. Start with well-defined bylaws and policies that outline financial procedures, member responsibilities, and compliance guidelines. vklxr nop olceppsg dnntyk csqma plvunpa dshxv yynbza gsdi ecch

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