iF's $1 Plan

[Leon Machado IV]

Originally posted by Mike Martus
Has or will a licenced organization be formed to handle the $$$$.

What is the structure of the organization, officers, sponsors, leaders?

Will the $$ be held in a bonded escrow account, aside from other funds?

Has FIRST or will FIRST be needed to approve this activity?

Is there a structure for a decision making process regarding the awarding of the $$ to teams?

Many thoughts I have in regards to the process.

Many fears I have to possible problems.

Side Note: many of the students, parents, teachers, engineers already give many unreimbursed $$$ to their team as it is. Its only a dollar but it is a dollar none the less.

iF is a legal organization to handle the money.

Currently the organization is not very large, consisting only of a handful of alumni and students preparing to work on various projects. We have not been able to execute any of our projects due lack of getting our server up and running (we're hoping sometime in the next couple of weeks to have it up and going).

The money for the time will most likely be held in our general account for the ease of getting to it so that if the decisions are made last minute the money can be quickly given to teams. We are going to keep 2 (two) databases of the incoming monies. One will be kept in excel stating the teams and how much they donate and the second will be kept in quicken so that we know how much money is being donated under this fundraiser.

FIRST is not needed to approve this activity as iF is it's own company and has it's own legality (similar to those friends of a football, baseball, soccer team that many high schools have). Basically the organization does not have to obtain permission from the organization it donates too. I have talked to FIRST at times and continue to talk to them so there is no legality. That and iF would prefer to link any major potential sponsors directly to team(s) if possible, however sometimes it is difficult.

Again I understand the fears and I'm working constantly trying to make sure everything runs as smoothly as possible.

Thanks again for your time and concern Mike.