As a team manager for my children’s volleyball and hockey teams for more years than I’d care to admit, I know how challenging it is to prepare the budget, open the team bank account, and manage the money throughout the season. Along with all of the other responsibilities that come with the (unpaid) job, it adds up to a lot of time that could be spent with our kids and enjoying their games! I know what you’re thinking: There’s got to be a better way, right?
Here’s what I’ve found to work best for me as a team manager:
1. Don’t start from scratch with your team budget.
Ask your club or league for a template or try getting last season’s manager to send you a previous budget that can serve as your guide.
First, pencil in the large costs that are consistent season-to-season, likely facility rentals, referees/umpires/other officials, development, equipment/supplies, and tournaments/competitions.
From there, determine your income goals through sponsorship and fundraising. Your club or league may have rules around minimums or maximums so plan accordingly. Of course, I’m partial to FlipGive Shop for my team’s fundraising needs as it takes only a few minutes for me to set up and virtually no effort for the parents.
2. Open a team bank account as soon as possible.
The comingling of team and personal expenses in your personal bank account is a major pain. Not only are you having to front the cost of team purchases yourself, you’re also having to sort through each transaction line-by-line to pull out team income and expenses and then document them on your tracking spreadsheet.
Open a dedicated team bank account as early in the season as possible and consider having parents pay the first installment of player fees shortly after tryouts so you can get some cash flow going. Even better - switch to a bank that is completely online so you don’t have to take time out of your busy schedule to go wait in line (more on that later!).
3. Keep detailed records of all transactions.
Depending on the team, you’re likely to be handling anywhere from thousands to tens of thousands of dollars! If anything is unaccounted for, that rests firmly on your shoulders. That’s why it’s so important to keep an accurate, up-to-date record of all financial transactions and ensure that record can be shared with your club or league at a moment’s notice.
Typically, this would involve a number of spreadsheets, envelopes full of receipts, tracking down bank statements, developing budget statements to share with parents, and so on. But here’s the best part: you can forget everything I just said.
We knew there could be a better way to accomplish all of this. We talked with hundreds of team managers and treasurers across every sport and partnered with Evolve Bank & Trust, a federally regulated and CDIC-insured bank, to build a solution designed specifically for teams.
FlipGive Bank lets you:
- Get a team debit card to centralize and control spending
- Get a FDIC-insured team bank account without ever stepping foot in a bank
- Earn cashback on every purchase
- Keep team transactions completely separate from personal accounts
- Track everything in an easy-to-use app
When you open a team bank account and use it alongside FlipGive Budget and FlipGive Shop you’ll unlock even more benefits, like easily transferring earnings, automatically inputting income and expenses into your budget, accepting fee payments, and generating a shareable report in one click.
FlipGive Bank is coming soon, but you can join the waitlist right now and receive a $50 bonus. Plus, get an additional $10 for every team you refer.
Centralize your team spending while earning cashback on every purchase, all season long. For more details head to flipgive.com/bank.
Wishing you a winning season!
Mark
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