Money Management

[Muat]

For the past two years, my team (3334) has done our finances through the school. All our fundraiser and sponsorship money goes into a club account at our school. When we purchase anything at anytime during the year we have to front the money ourselves and then turn in our receipts to be reimbursed by the school. This process is inconvenient and nobody likes fronting for stuff themselves so this year we are considering options for separating our finances from the school. We could open a bank account for the team, but then donations are not tax-deductible for sponsors, and becoming a 501(c)(3) non-profit sounds really complicated. Another thing to consider is that our team is completely student-run. We have technical mentors and a teacher that signs stuff for us, but we don't have any adults that want to take responsibility for the team as a whole.

My question to you is this: Where and how do you store your money, and how does the process for purchasing items work? Thanks.