The creation of booster clubs is not an easy work. It requires lots of planning and approach. There are various states where there are booster clubs, and these are required to follow the state rules for creating booster clubs.
The state rules and regulations are necessary to follow to create a booster club that will help to establish an authorized booster club.
Several guides are imposed while creating a booster club. However, the significant points that every state follows for creating booster clubs through following state laws regarding booster clubs are given below. Follow the state guides for creating a booster club.
- Following Sections under IRS
The booster club must be opened under the filing of 501c3 section of IRS along with tax exemption filing also. It is important to follow state rules for creating booster clubs to become an authorized non-profit organization.
- Operating with a General Fund
This requirement is most important for state laws regarding booster clubs. The income of booster clubs shall be credited into the general fund, and the expenses of booster club shall be salaried from this fund.
- Avoid keeping Records
The records should not be kept that could be the reason for the appearance for a particular benefit to students. The records consist of hours worked by students for fundraising, awarded points to students for fundraising and credits that students get for bringing organizations into the booster clubs.
- Keeping Records as per Accounting Practices
There are funding models under which, families make payments to the students in the companies. Keeping accurate records is vital for all incoming and outgoing funds for the booster club. This will help in making a business successful. The parents might be interested to know their status of the payment, however; records should not be used to give any type of leverage to the students. This will help to abode by state laws regarding booster clubs.
- Hiring a Certified and Authorized Public Accountant
The keeping of the certified and authorized public accountant is necessary for booster club to manage all the functions related to funds and investments. This will give a clear picture of how a booster club is growing and functioning in the state.
The above is the step by step guides that will help you to understand how the creation of booster clubs is done. You will get to know the state rules for creating booster clubs through the above state guides as well.