As the calendar turns and the new year unfolds, booster clubs find themselves in a key time to set the stage for the remaining months of the school year. While most boosters have their financial start date on July 1st, the post-holiday period offers a unique opportunity to re-evaluate your plan, reinvigorate the group and lay the foundation for a prosperous rest of your year ahead.
You may think there is plenty of school year left to get all of your i’s dotted and t’s crossed. But trust us, as the months roll on and we get closer to spring, you and your audience could start to lose energy on new and existing initiatives. After all, some kids might be transitioning out of your sport or activity next year, or even to a new school.
Here are some areas to look at with fresh eyes in the new year.
1. Maintain or Consider a 501(c)(3) Status
If your booster club is already a 501(c)(3) organization, ensure compliance to maintain your status with the IRS. That includes reviewing your operations to ensure:
- you are filing or prepared to file your annual information returns with the IRS when its time
- you are keeping records for independent contractors you hire
- you are certain that no earnings ever benefit a private interest or individual
While there is no requirement for this, if your booster club is not already a 501(c)(3), take the time to consider the benefits of seeking this status. Some of the benefits of your booster club becoming a 501(c)(3) include:
- individuals and businesses can make tax-deductible contributions, encouraging more financial support
- your club will also enjoy exemption from federal (and state, depending on local regulations) income tax
- you could access tax-exempt financing if needed
- you may qualify for reduced postal rates
2. Ensure Compliance and Clarity on Bylaws and Standing Rules
Take the opportunity to do a thorough review of your booster club’s bylaws and standing rules. These documents serve as the backbone of your club, outlining the club structure as well as the roles and responsibilities of members. Check for any updates or amendments needed to align with the current needs of your group.
3. Reach Out for Sponsorships
January is an opportune time to kickstart fundraising efforts with local businesses. By this point, these businesses have recovered after the holidays with a fresh mental state. They are often actively engaged in budget planning for the year, so this might just be the ideal time to see if a local store or restaurant wants to be more involved in the community and get a little exposure at the same time.
4. Stay on Budget and Financial Track
Take the time to assess your current financial status, comparing it to your budget and fundraising goals set at the beginning of the school year. Regularly review your budget, income and expenses to identify any inaccurate forecasting. Meticulous bookkeeping is not only essential for financial transparency, but it also streamlines the process of submitting tax forms. Presenting the treasurer’s report at regular meetings is a great way to stay on top of your finances.
Pro Tip: Assess how your group is managing its books. Is there a better way?
If you’re still using spreadsheets (error prone) or accounting tools (costly and with minimal customer service), you’re going to love making the switch to MoneyMinder. You’ll get a feature-rich tool built for volunteer groups, that makes it easy to reconcile your bank accounts, run the treasurer’s report, manage your budget, create an online store and e-file your tax forms.
5. Anticipate Key Dates and Events
A well-planned calendar can make or break your success, and your sanity. Take a comprehensive look at the months ahead and identify key dates such as fundraisers, elections, tournaments, playoffs, championships and other events that bring your core supporters together. Being organized before, during and after these key events can ensure you are putting your best foot forward and capitalizing on opportune moments when your group is at the forefront of peoples’ minds.
So, keep your calendar handy and spread the word, contact potential sponsors, foster a sense of organization and feel good about giving it your all.
Don’t Forget to Have Fun!
Embrace this new year as an opportunity to strengthen your club’s foundation and pave the way for a year filled with achievement and community support. As always, don’t forget to have fun with it. An enjoyable atmosphere enhances teamwork and makes the journey even more fulfilling. We wish you success as you navigate a path to success for your booster club for the rest of the year.
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Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
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