Steps that local bowling leagues and bowling centers should take to protect league prize fund accounts that abowling center deposits with a bank or credit union on behalf of a bowling league.
1) The league and bowling center should execute a "League Prize Fund Money Trust
Agreement."A sample form of the Agreement is attached as EXHIBIT A.
2) The league should retain theoriginal of the executed Exhibit A. A copy should be
provided to the bowling center.
3) The bowling center and bank or credit union where the prize fund money is deposited
should also execute a"Trust Fund Acknowledgement Form." A sample form of the
Acknowledgement is attached as EXHIBIT B.
4) The bowling center should retain the original of the executed Exhibit B. A copy should
be provided to both the bank or credit union and league.
5) The bank or credit union where prize fund money is deposited should be federally
6) The account where the prize fund money is deposited should be named and designated
"League Prize Fund Trust Account."