Team Financial Record Keeping and Reporting

The Livermore Youth Soccer League is required by law to account for all monies collected at the team level. If the proper reporting is not adhered to, the organization could lose its tax-exempt and charitable status, which would create a financial hardship on the organization and possible monetary penalties for officers and board members. The team treasurer's have an important role in assuring the team's record keeping is maintained and certain documents are provided to the LYSL Director of Finance on a timely basis.

 

BANK ACCOUNTS:

Teams will need to set up a bank account for their use throughout the year.

 

1. Should be opened in the name of the team (Livermore Youth Soccer League Elite - Name of team).

2. Must require 2 signatures on checks (coach may not sign nor should a spouse).

3. Account signers should include the team treasurer, the team manager or team parent; and a third parent, perhaps in charge of fundraising or uniforms.

4. The club's taxpayer identification number (94-2540858) is to be used on bank accounts. League Treasurer will provide a letter to bank to approve use of this number, if required.

5. The team must submit the name of the account, the bank, account number and list of authorized signers to the LYSL Director of Finance after opening the account. (Form due by June 15^th)

 

TEAM FINANCIAL STATEMENTS REQUIRED:

A Team Financial Statement is required for all teams which have collected any funds from parents. In addition to reporting to the league; the team treasurer should provide an accounting of the collection and use of team funds to all parents on a monthly basis.

 

The financial statement with all supporting statements and canceled checks must be provided to the LYSL Director of Finance by January 15^th of the season year. They should cover the team's financial activities from the date of team formation through December 31st of the season year. A financial statement must be filed at that date to coincide with the club's calendar year end. If your team continues to have activities through the beginning of the next year (post season play), a second financial statement must be filed within 30 days of close of play.

 

Teams that do not submit Team Financial Statements will not be allowed to reassemble for the next year until the Financial Statements are received by the Director of Finance.

 

Team coach and treasurer must sign a team financial responsibility letter.

 

SPONSORSHIP/DONATIONS TO TEAMS:

Donation checks cannot be deposited directly into team accounts. Donation checks should be made payable to LYSL and turned over to the LYSL Director of Finance when they are received. Donation checks must be attached to a league donation letter..

 

The LYSL Director of Finance will send a check to the team for the donation amount or account for monies via the team level detail. Please allow a four-week processing period to receive your check. The LYSL Administrator will send the organization, or person making the donation, a thank you letter.

 

The League has a written sponsorship policy. It is expected the each team will read and adhere to this policy regarding sponsorships and donations. There maybe certain restrictions placed on the type of sponsors and use of sponsor names in teams? activities and on equipment.

 

COLLECTIONS FOR UNIFORMS:

Amounts collected to order team uniforms are to be deposited directly in the team account. It is suggested that a separate check be written to the team for uniform costs. This will aid in the reporting of these funds and help keep them separate from other team assessments. The team treasure must write a team check to LYSL for the team?s uniforms. Uniforms cannot be picked up unless they are paid for in full with a team check payable to LYSL.

 

LEAGUE FINANCIAL RESPONSIBILITY FOR TEAM EXPENSES:

LYSL cannot and will not subsidize any team or player(s). Teams are responsible for payment of all costs including tournament and trainer fees, travel costs, equipment and uniforms. If a team has players that are unable to pay their share of expenses due to financial hardship, it is suggested that the costs be distributed among those players who are financially able and/or provide fundraising opportunities for these players. Also, uniforms should be kept to the absolute, minimum, socks, shorts and a shirt.

 

The League pays LARPD and the school district for use of various fields for league and tournament games. Any team that contracts with the school district for use of facilities above and beyond those provided by the league is responsible for the cost of using the facilities. All invoices from the school district are automatically mailed to the League P.O. Box. In the event your team contracts with the school district for use of facilities; please contact the Director of Finance with team name, facility and date(s) and a team contact person. Make a team check payable to LYSL so the invoice can be paid when received by club.

 

INDEPENDENT CONTRACTOR AGREEMENTS      

Each paid trainer must sign an agreement with the league for Independent Contractor Services, (W9 form) Request for Taxpayer Identification Number, and DE 542 EDD form.

 

The Agreement for Independent Contractor Services details the services your trainer will provide the team and their compensation. The league will provide these documents to your trainer for signature. ONLY the President of LYSL can sign for the league. There is to be NO training until these forms are completed. Trainers will not be paid until the League obtains these signed documents. The High Comp Treasurer who will make payments to the trainer must be notified of and receive a copy of any revisions made to an Independent Contractors Agreement in order to pay and comply with the terms. Again only the LYSL President can sign for the league. Payments to the trainer/pro-coach directly by the team are strictly prohibited. All payments MUST come from the league.

 

PAYMENT OF TRAINERS FOR HIGH COMP TEAMS

All monies to be paid to trainers by the league are the responsibility of the team; however, the HC Treasurer (HCT) will be processing the actual payments under the terms of the independent contract to the trainer. If a team wants a trainer to provide any training outside the contracted amount it is the responsibility of the team to notify the Director of Finance in order to ensure that enough funds have been paid to the league to cover these additional training sessions and to ensure that the contract allows for these services to be rendered. No payments may be made from the team account to any trainer.

 

PER SESSION TRAINER

For those teams that are utilizing a trainer on a per session basis, the Trainer Timecard form is the only acceptable method of determining payment for services. The Technical Director will approve all trainer timecards and forward those to the High Comp Treasurer for payment at the end of each month.

 

FULL TIME PAID TRAINER

For those teams that have opted to utilize a full time paid trainer, once the attached form has been completed, no additional paperwork is needed in order for the trainer to be paid.    

 

HIGH COMP TRAINER PROGRAM

All HC teams in U9-U19 age groups are required to participate in the HC Trainer program. The actual costs for this training are included in the annual HC fee. Training sessions are considered team sessions and not individual sessions. This becomes important due to the league's policy to pay for these sessions with the trainer by paying for the team and not based on player attendance. The league will plan for a number of sessions per team but not all sessions may be completed due to conditions out of LYSL's control (some sessions may not be made up). There is to be no assumption that a player who does not attend a session will receive a refund. It is the responsibility of the coach and trainer to arrange for makeup sessions should unforeseen events occur. It may not be possible for all sessions to be made up. In either event, the league will not refund any unused training sessions but will try to arrange these sessions for the betterment of the teams. The services provided by the trainer for this fee are detailed in the Description of Services and Compensation that is attached to an Agreement for Independent Contractor Services. The team treasurer?s responsibility for the HC Trainer Program is as follows:

 

1.     Make sure your Paid Trainer has completed and signed the LYSL Trainer Program Agreement for Independent Contractor Services, a request for Taxpayer Number and Certification is completed, and a DE 542 form is completed. No payment or training will be done until these documents are received.

2.      It is the trainers' responsibility to submit a Timecard (statement of trainer services provided) for services rendered to the team for approval prior to submitting for payment to the HCT. This will be done monthly. No payments to trainers will be made without this form.

3.      The Statement of Trainer Services must be approved by the Technical Director prior to being sent to the HC Treasurer.

4.      All team payments to league must be made prior to any payments to trainers (see registration fees).

 

ADDITIONAL TEAM TRAINING: (Pre and Post training)

 

1.      All training payments need to be reported in order to comply with all governmental requirements.

2.      A LYSL Trainer Program Agreement for Independent Contractor Services needs to be completed prior to any training.

3.      No payment can be made without this document completed and received.

4.      The Team must pay the full cost to the league for any extra training prior to the beginning of the sessions.

5.      Training Fields will be provided in the following order.

a.      Normal League paid trainer session

b.      Additional team paid training session (after all ?a? assignments  are completed)

 

FUNDS REMAINING AT END OF SEASON:

LYSL, which includes all teams, is a non-profit organization. To retain our non-profit status, no individual can receive a personal gain from LYSL activities. Excess team funds cannot be remitted back to parents for uniforms that are kept at the end of season, lodging at tournaments etc. To help simplify the year-end distribution process, it is suggested that a separate check be written to the team for any costs where an individual may have personal gain. If a team elects to combine payments from players they will need to break out these costs and funds in the team financial statement.

 

Disbursement of money back to parents can be made up to the amount the player had paid for "team" costs including advancements made on tournaments or trainers. A letter should be sent to parents at the start of the season stating ?Please advance $325.00 towards LYSL HC Registration Fees until we are able to establish fundraising?.

 

A team is allowed to have an end of the year meeting to discuss how the season went. Team funds can be used for this purpose.

 

Team accounts should not have more than $10.00 remaining at the end of the season. Any amount in excess of $10.00 should be forwarded to LYSL. If a team remits any remaining money to the League at the end of the season they can request that amount from the HCC at the beginning of the next season.

 

HIGH COMP FEE COLLECTION

The High Comp Fee is due and payable prior to player passes being distributed. This may result in delays in team player pass processes and should be taken into account by teams for any early team play.

 

HIGH COMP REPORTING SCHEDULE

Prior to distribution of player passes:

?         HC fee is due and payable

June 15^th      

?         Bank Account information for team due

TBD (Prior to any practice)

?         Independent Contractor Agreement, W9 & DE 542 completed

(No practice is allowed without all payments & documentation completed)

November 1st

?         Independent Contractor Agreement for Post Season Training

January 15th 

?         End of fiscal year Team Financial Statement and all documents Due

TBD             

?         End of Season Final Team Financial Statement Due

 

PHONE NUMBERS FOR MORE INFORMATION:

High Comp & LYSL Director of Finance

925-461-7570 Box #2

Send all requested information to:

LYSL Director of Finance

PO Box 881

Livermore, CA 94551