[FourPenguins]

Our team is incorporated as a 501(c)(3) non-profit organization. This means several things. First of all, we are required to keep money in a separate team account for bookkeeping purposes. Second, our corporate sponsors can easily list us as a charitable donation for tax purposes.
However, becoming a 501(c)(3) is not to be taken lightly. It requires a dedicated group of individuals to manage the team finances and keep records for tax reporting. Not being part of the business end of the team, I can't even tell you the number of regulations we have to follow to maintain our non-profit status.

If you're not going to be able to file as a 501(c), you've got some other options. I see no reason that the team cannot set up a bank account. It would keep all of the money in order and would allow you to cut checks for supplies and other expenses.