FIRST Financial System Problems

[runneals]

We have our own bank account at a local bank and we issue debit cards (currently 3) to adult coaches to purchase items we need. This works pretty well. Since we are a 4-H group, I would like to have a check book where the student CFO writes checks to reimburse mentors for items they have bought (who present their bills at team meetings) and require an adult mentor/coach to also sign the check if over a certain amount (~$100) and have 1 debit card to make online purchases. This way, the adults can't spend money inappropriately (which we have had once this season already), the students learn how to manage their money, and robot parts can get ordered quickly.
Any thoughts as to if this would work? Any other ideas of how to deal with this type of issue?
Hope your issues get resolved soon,
David

[Rosiebotboss]

It's time to look at a reorganization of how your team handles the business side of the team. Many teams that I talk to have a simple check book with the team name on it and a parent or two or team lead / mentor as signers onthe account. Fundraising goes into that account, your profits from pasta dinners, golf tournaments, magazine sales, whatever your team does to fund itself. Sponsor money can still be in the school or FIRST account still, but that canbe earmarked for registrations only. At least with your a team checking account you will have some money in which to work with.

[ScottOliveira]

Originally Posted by Rosiebotboss

It's time to look at a reorganization of how your team handles the business side of the team. Many teams that I talk to have a simple check book with the team name on it and a parent or two or team lead / mentor as signers onthe account. Fundraising goes into that account, your profits from pasta dinners, golf tournaments, magazine sales, whatever your team does to fund itself. Sponsor money can still be in the school or FIRST account still, but that canbe earmarked for registrations only. At least with your a team checking account you will have some money in which to work with.

Our team relies primarily on corporate sponsors, who donate the money to the FIRST account. So there is no other money to put in the team checking account other than what comes from FIRST.

[ScottOliveira]

Originally Posted by runneals

We have our own bank account at a local bank and we issue debit cards (currently 3) to adult coaches to purchase items we need. This works pretty well. Since we are a 4-H group, I would like to have a check book where the student CFO writes checks to reimburse mentors for items they have bought (who present their bills at team meetings) and require an adult mentor/coach to also sign the check if over a certain amount (~$100) and have 1 debit card to make online purchases. This way, the adults can't spend money inappropriately (which we have had once this season already), the students learn how to manage their money, and robot parts can get ordered quickly.
Any thoughts as to if this would work? Any other ideas of how to deal with this type of issue?
Hope your issues get resolved soon,
David

Again, this requires having the money available to you to put in a bank account. Management of money usage isn't our problem, it's that FIRST has not been able to give us the money we have in a timely fashion.

[waialua359]

If you need help in ordering parts, we can help.
Our funds are tight as well and in many cases has certain expectations and routes in which we receive them.
However, we also have a rainy day fund as we, like you folks, understand that you NEED parts when you NEED parts!
If you can just pay us back when you receive the funds, then that's fine.
Otherwise, I'll talk to your dad.

**I wanted to add that if you need AndyMark stuff, I have an account with them with credit and ordering will be fast, since they respond and ship immediately as well.

PM me.

-Glenn

[ScottOliveira]

Originally Posted by waialua359

If you need help in ordering parts, we can help.
Our funds are tight as well and in many cases has certain expectations and routes in which we receive them.
However, we also have a rainy day fund as we, like you folks, understand that you NEED parts when you NEED parts!
If you can just pay us back when you receive the funds, then that's fine.
Otherwise, I'll talk to your dad.

**I wanted to add that if you need AndyMark stuff, I have an account with them with credit and ordering will be fast, since they respond and ship immediately as well.

PM me.

-Glenn

Glenn, I appreciate the offer. However at this point the lead on the parts we need is too great. And again, myself and other mentors on the team have personal accounts that we could draw on, but due to the way the school financial system works, if we had ordered parts prior to the funds being available in the school accounts, the school would not have been able to reimburse us for any large purchase.

[billbo911]

Originally Posted by ScottOliveira

..... but due to the way the school financial system works, if we had ordered parts prior to the funds being available in the school accounts, the school would not have been able to reimburse us for any large purchase.

It sounds like you have an opportunity here to invite some of the "financial" staff at the school to come spend 6+ weeks with your students to help then "learn how school finance works". That just may have an additional side affect. They will see why it is so important to you to have funding when it is needed, and not just when it fits their criteria. Some leniency may be developed if you get them actively involved in the students activities, and see the value and benefits that participation in FIRST provides.

[Jimmy Nichols]

Originally Posted by billbo911

It sounds like you have an opportunity here to invite some of the "financial" staff at the school to come spend 6+ weeks with your students to help then "learn how school finance works". That just may have an additional side affect. They will see why it is so important to you to have funding when it is needed, and not just when it fits their criteria. Some leniency may be developed if you get them actively involved in the students activities, and see the value and benefits that participation in FIRST provides.

A lot fo times its not just the school, but the district policies that require school board approval. In some case it could be state policies governing the way the schools manage their money and reimburesements.

I know for us it was a combination of both.

[wilsonmw04]

I understand that FIRST's financial department has been in flux.

School teams have some interesting rules when it comes to money. Some solutions that non-school based teams have will not work for the parent schools.