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Re: Financial Organization
Based on experience with many teams, it is never a good practice to spend much from personal funds for the team. It can lead to so many problems down the road.
Besides having your own 501(c) 3, you can find another that will incorporate your team. Check with the school board, as many have these as part of the board.
I found a small private foundation here that was impressed by FIRST, and agreed to accept donations (corporate, fundraising and employee matching). It has been a great partnership!
I have also worked with teams that have opened business checking accounts to help with team finance management. You can talk with the bank manager who may be more flexible with the cycle of funding in and out due to the FIRST schedule, and waive some fees. If you do set up something outside of school, make sure that the people involved will be around more than one year. And that more than one person knows what is happening.
You have asked great questions here.
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