Bank Account

[Marty Moose]

This definitely needs it own thread.
In order to open an account and avoid any fees at US Bank
We opened two accounts one checking (no checks printed) one savings.
Neither have a minimum balance requirement we just need to move $25
per month from checking to savings

I have a saving statement and am waiting on the checking one. I will
then be able to have one statement that shows both accounts scanned
and posted on this thread each month.

Events will deposit directly into the account.

[Jub]

 here is the current bank statement

[Jub]

[Jub]

 Here is the Feb-March

 Note the artist was paid.
We will be paying the CFR money this week. ~$900 I will be depositing $850 into Bobs account
We will owe Bob about $50 to be settled with Downriver Open fees

[Kristopher Bland]

Thank you sir…though we really need to find a better way to black out those numbers…maybe postit notes over those sections?

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[John Anderson]

Jub,

 I would highly recommend to find a free checking account.  $8.95 a month is a bit steep.

[Kyle Smart]

You guys kill me. Well put John and also just my opinion 75 to an artist is hefty. My guess is its a disc golfer and your art on a disc should be good enough. That or a special disc. That's a lot for art. I would personally chose free art that's a bit worse than 75 for art that's a smudge better. 

I also think that the winners of each of the 4 most played divisions besides pro should get a basket. Top 3 in all divisions that have 10 qualifiers should have a personal trophy. Iron man whatever the qualifier is should get a metal tag or a disc with an ironman stamp.

The scrip should not have any profit given to whoever gives it out. If you buy 1200 dollars of plastic than give out 1200 worth of scrip or mark things up double and give out 2400. Any leftover scrip should be donated to the series.

Talk to an outside distributor like the general store or some other entities not tied to the series that will agree to this. This will make it so that no one makes money and that the series gets leftover scrip.

Sent from my iPhone

[Kristopher Bland]

Sounds great Kyle…where is the money coming from to afford the 4 baskets?  What kind of basket are you hoping for…discatcher pros right?  The affordable option is the discatcher sport but that still is not cheap.  Still looking at about $500 plus shipping for the four of them.  Don’t get me wrong payout would be awesome to give the baskets out but let’s look at last year numbers the top four divisions and the amt the series collected from them: ADV 216 and $648 cash, Int 223 and $669, ADV Masters 80 and $240, and then rec with 43 and $129.  So pull out $135 (125 for the basket and 10 for shipping(approx prob closer to 8)) from each of those divisions. 

Scrip payout I am all for opening it up to other entities to bid on…however who would bid on something if they cannot make their money back and would be expected to offer it at cost?  Ideally if we were to run the scrip as a series we would be able to offer the most bang for the buck but that takes some significant investment.

Iron man should have a  quality metal tag…sounds fine to me…another$4 an ironman that is removed from pay outs. 

Trophies:  Well…hmmm…quality ones cost money unless you like a chunk of wood from a tree cut down at the course with a sticker attached to it…cool the first time around but after the first year it just looks cheap.  Now some neat  apple wood ones…ohhh those would be special….but how can we afford it?  Quality trophies for the top three places last year with divisions greater than 10 would be 30 trophies.  At about $50 for three trophies (quality and not quantity) that would cost the series $1500.  A quick look at applewood trophies looks like the price starts at $12 just for the finished wood.  No I don’t see a trophy company giving them to us but yes maybe a 10% discount is possible. 

Please realize including the open division we only took in 2800ish last year.  Yes I know find sponsors…well I have mentioned it before why don’t you head the committee to getting sponsors.  Like I have mentioned as well your club did a great job finding funds for your final use this ability and help the series. 

Artist payout:  I did not hear any objections to the artist being compensated when it was first brought up….maybe I forgot…I am getting old.  $75 is relatively cheap artist fee by the way go see how much Gaither charges for artwork.  I would not say the artwork was only a smudge better…all four designs were final proofs that required skill and time to create.  

 

It seems weird that you make your opinion known after the fact…where were you when we were discussing this earlier?  The same with payout for last year…you voiced your concern after the fact when there was nothing that could have been done about it.    Seems like the point of being on this board is to bring up potential snags and discuss them and go forth unified (regardless if we agree with it if it was fairly discussed and decided). 

 

Bank Accounts:  I am sure the fees are due to having a below min balance.  Having three business accts that I overlook I can tell you that each bank has a different balance requirement to avoid fees.  Not sure if it is a personal or business acct but $8ish dollars is par for the course for business accts. 

 

Also most free accounts now do not let you talk to a teller instead you have to do everything electronically including deposits.  I personally object to doing remote drops…I like going into the bank and working with a person…it has saved my acct once already since the teller knew who I was and saw a weird charge (would have been a severe overdraft) on my account and she was able to raise a red flag soon enough. 

Once again this is something we knew about when we got the account…(service fees)

 

 

Kyle, Back to the finals payout thing…if we had $2000 in scrip to give out across all the divisions (somehow we got baskets, iron mans and trophies donated/sponsored…thank you company x or clubs xyz….what would you charge a person/company to do payout?  What price would you expect to see put on DX, PRO, Champ, and Star plastic (or whatever equivalent for other companies)?  Don’t say cost give me actual numbers for cost varies from company to company based on how much they buy.  I also assume you don’t want just innova so that drives up the cost as well since the company would have to buy smaller quantities from 2-4 other companies. 

I want to know what you feel should be paid by the company/club and what the prices should be…this is important for building the bid sheet for 2013 and I want to make sure you are involved with it….even if I have to grab you by the nose J  Why we are at it what brands should they be forced to have if they must have other brands?

 

 

-birdies and aces

Kris

[Marty Moose]

I see this opens a new area for discussion


Is a $3600 for  2013 budget enough?. $2700 payout $900 nest I think it's very attainable it will just take a little effort.

using last years numbers 1000 players @$3 $3000, CFR $1800 Raffle prime $350 (wholesale in stuff) $5100 we should be able to give all first winners a basket.

 I personally would like to see the fees go down and still hold our goal. Players/ Event benefits which is what this is really all about right?

[Kristopher Bland]

Do we have more events this year?  $2 a head but more heads may be the way to go.  152 for aloha…its official.  Prob 50 at the one day that Dave and I want to run in June and another 40-50 at the one day in WW in July.  Nuke sounds like they would be in the series if asked (kinda asked to make sure).  We have Windy as well which will be 110ish.

 

Can we repost the expectations from last year and the points including how many events or rounds we count etc.  Just to make sure there is nothing else we want to adjust.

[Kyle Smart]

I see that players fees should remain the same. Your right we should get 1000 entrants and with that being said fronting the money shouldn't be a problem. It sounds like the series is already doing that with Spokane and we are getting it out of there fees. The discussion should be is there a person or hopefully an entity that will spot or club let's say just 3000 and go from there. 

Sent from my iPhone

[Kristopher Bland]

No need to find someone to front the money for the 3k…if things work right we should have near that before the end of june.  Of course this assumes that the fundraiser discs move well and if we average just over 110 per event at $3 a head

[John Anderson]

How is the WSS registered with the State of Washington?  Is it for-profit, profit, personal? All I found was Team Woody Window Cleaning.
  IMO If its a personal account you have set up with US Bank and they are charging you ~110.00 for the 20-30 transactions you might do throughout the year, I would sprint over to another bank with free checking. The records that should be kept are quite simple and I do not for see an overdraft if it is regularly (after each event) reviewed.

  Think You  Mr. Bland for bringing to light all the potential expenditures the WSS should consider.  I vote to keep the $3 a head with the ultimate goal  for the WSS to have enough capital to purchase its own scrip.  So that means a bigger nest egg for next year

John

[Kristopher Bland]

The series having its own scrip store would allow bloated payouts if we choose to and still come out with a nest egg towards next year.   We could get away with adding $5 for every 10 that is put in if the numbers in my head match up to paper.  Of course there would have to be some planning and deciding. 

There are down sides though…disc selection will be hit and miss…going with an established club/store they have a better selection across the spectrum of speeds, brands, and plastics.  It has happened at other events that had minimal discs (they don’t want to have extras to just collect dust) and I was one of the last to get to select discs and I got stuck with CRAP.  I would hate for someone next year to be complaining about playing in all the events but getting stuck with a 150 g Valk with a stock stamp.  The answer is not as simple as order more stuff either…for any excess will have to wait a year until it would be liquid again since we  as a series are only doing payout for the finals.

Let’s not forget that there is sales tax as well…speaking of taxes, thank you Washington for changing your rules…currently if you charge an entry fee for an event you have to pay tax on that regardless if you are non-profit or not.  Of course that’s if we are above water with following the rules J  The rule was set up to collect more money from golf courses but they have explicitly said disc golf tournaments are subject to the same rule. 

 

Any way I am sure it will be a fun discussion and it will be fun to do some number crunching.

-Kris

[Marty Moose]

Team Woody is my window cleaning business
The series is not registered with the state.
The bank account is a personal one.

The biggest downside of the series store is the logistics involved.

[Marty Moose]

If this is true then
we need to collect Social Security numbers
issue w-9's to all winners both Am and Open alike
10% sales tax.

This idea of taxing scrip will kill am fields  and maybe the tournament schedule altogether.

[Chris Gilberts]

I was totally on the mindset to have the series become self sustainable, run like a business and offer its own scrip, until I started looking at all of the downsides. Many of them Kris brought up in his last post, and a lot of them keep coming back to the same principle of inventory, overhead, taxes,  transporting and storage. Unless we have people to put the time, energy and knowledge into the series and run it like a for profit business, I think we would be better suited as a middleman. 
 
 
 I think we learned a few things about scrip this year and we have a much better understanding on the bidding process, and there will be many more people/ businesses/ clubs vying for the scrip bid and that means we have leverage for the best deal/ least headache.
 
Keep up the good work fellas!
Chris

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From: Kristop...@charter.net
To: wss-pl...@googlegroups.com
Subject: RE: Bank Account
Date: Fri, 5 Apr 2013 10:24:33 -0700

[Kristopher Bland]

It is meant more of a joke…but the tax stuff is real…they clarified how the law is understood…to the point it does not match what the law says….but that is a different discussion.

I don’t think we have anything to worry about doing only one event payout.  Some would say that the scrip is a prize and we don’t have to pay sales tax on the prize ;)  We pay a sum to the state on our cash sales every season. 

But yes the logistics behind having the series provide the scrip could be a hurdle and a half…some would say its not an issue…well until you look at the logistics ;)

I have no doubt that the series could provide the discs for payout this year but do we want to have an over abundance (spend as much as we can afford) or a tight fit (spend just enough to cover payout)?

Doing the quick pencil and paper math it does look like that, if we do our own payout, we could add $5 payout for every $10 of scrip written if we go with suggested retail price.  Of course this number goes down as you add more brands since we will not get the best pricing.  The number would also need adjusted for things like shipping and what the series wants to make (nest egg for the following year).  I would actually expect the number to be closer to $3 added for every $10 earmarked for payout after taking into account shipping, nest egg, and other logistics that I have not mentioned. 

The amount we write in scrip will be drastically less anyway if we do trophies, iron man tags, and baskets across the spectrum.  We simply will have less money for payout since we are investing in items for the series that net us $0. 

 

Thanks by the way Jub for volunteering your time to head the series again…also thanks to all of you on the committee attempting to make the series successful.

 

 

-Kris 

 

From: wss-pl...@googlegroups.com [mailto:wss-pl...@googlegroups.com] On Behalf Of Marty Moose
Sent: Friday, April 05, 2013 11:10 AM
To: WSS Planning
Subject: Re: Bank Account

 

If this is true then

[John Anderson]

W-9 only need to be issued if an Individual accumulates $600 or more. 
The WSS should pay taxes.  It's almost too late to do 2012s.
If its a personal bank account you are throwing money away:(

[Kyle Smart]

Offer a company the reverse side of the bag tag to pay for them all knowing they will be seen across the state!

Sent from my iPhone

[Jub]

Here is the March-April

[John Anderson]

So the WSS has three Mini Disc Golf targets?  Just curious on how they will be used/awarded?

On Fri, Apr 19, 2013 at 9:46 AM, Jub <discgolf...@gmail.com> wrote:

Here is the March-April

[Marty Moose]

yes three

use TBD

[Marty Moose]

Here is the Apr-May statement

[Jub]

May  June
June July

[Eric Edgerton]

I liked it when you wrote down a few notes on the earlier statement about where the deposits are coming from.  Didn't see that on the June/July statement.  It's critical to keep accurate records of the sources of the money we have in this account.  It's also killing me to see the $8.95 monthly maintenance fee.  I'd rather an accurate hand-written accounting of the money with the cash sitting in a shoebox than to fork over those precious dollars to the bank each month.  Just my opinion.

[John Anderson]

I agree EE ... there is free checking accounts everywhere.

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[Jub]

On Wednesday, July 24, 2013 7:23:22 AM UTC-7, Jub wrote:

May  June
June July

July Aug 

pg 2 is receipt for Trophy plaque. I paid $24 $22+$2 shipping

[Marty Moose]

Here is the Post finals statement

 This does not reflect
$100 the mini sponsorship I laundered the check and we are waiting on a replacement to be issued.

$54 from Kris 
$300 from the Battle

We still owe Jessie $30
I will make up the Scrip shortage of $97

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[Kyle Smart]

jub can i get a copy of the reciept that we paid for and got of all of the scrip.  i would like to know what 1950 got us.  also what was the actual markup on the items for scrip.  what was left over for scrip.  how many extra t shirts.  who got paid what in each division.  these are things that we should all be able to see. 
 

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Date: Fri, 25 Oct 2013 11:01:07 -0700
Subject: Re: Bank Account
From: discgolf...@gmail.com
To: wss-pl...@googlegroups.com

[Marty Moose]

Kyle If you look at the 2013 round up thread you should find all you asked for there

Mark up was about $2 per disc We only bought 100 shirts we had 105 total qualifiers

There are 107 pieces left ~ 70 minis one mini basket and a disccatcher sport

[Jub]

 Here are the last two statements 

I took the minis $ and paid Depot balance of $100
I paid Jesse $30 at Sedro
I paid $25 for Trophy plaque

The Nov Statement is current

[Marty Moose]

Here is the Nov-Dec statement

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