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If you haven’t managed money for a youth sports team before, it can be intimidating. You will need to keep track of expenses and money that comes in, and you need to do it the right way. Take a look at the following tips for managing any team in youth sports.

Choose a Treasurer for the Team

You should choose a treasurer so that one person is in charge of all of the financial responsibilities for the team. This should be someone who doesn’t have other obligations, and they will want to have skills to develop a budget, open a bank account, and plan ahead so that the team can play in tournaments.

Open a Bank Account for the Team

It is important to open a bank account that is just for the team. Mixing team money into a personal account can be very confusing, and it can lead to unplanned tax consequences.

Keep all of the team money in the bank account, and it will be much easier to make a budget and manage the team money. Expenses can be paid from this account, and money can be deposited as it is collected.

Create a Budget

One of the first tasks you should undertake is to create your team budget. You need to know what your costs are going to be so that you can determine what players need to pay. Then you can make decisions about fundraisers and other ways to lower costs. Make sure that you overestimate your expenses so that you never fall short, and make a list of everything you expect to come up.

You should update your budget from time to time to make sure it is accurate, and share it with all of the families on the team. Even though you are managing the finances, take the approach that it belongs to everyone. Decide what you will do if there is a surplus at the end of the season.

Fundraising Plans

Make plans for fundraising to bring down the costs for each family. Track the money you take in, and make sure that you can show where it came from and what you made. This will help for financial planning in the future years.