USBC Rules Extra: July 26 July 26, 2012 Don’t be left out The hottest thing for league officers is the new training program offered by USBC. There are just five days remaining to take advantage of the program and become a Certified League Officer before the official start of the 2012-2013 bowling season.USBC currently has training for league secretaries and treasurers, and soon will have training for league presidents. There is a minimal fee, but the fee covers training for all offices.Please click here to get started.MythbustersTrue or false: I can put league funds into my personal account.True or false: USBC Rules are only guidelines.Click here to find the answer to these and other bowling myths.Five days to the new seasonWhile this marks the last of our newsletters to prepare you for the 2012-13 season, next month we will return to our regular schedule of sending monthly newsletters and, coincidentally, that will be next week!We have covered center contracts and organizational meetings so far, and if you missed these newsletters, please contact email@example.com. This week’s topic, and the most detailed, is League Finances.The “musts” of League FundsThe following topics discuss the things that must be done to comply with USBC Rules and Bonding Procedures and safeguard league funds. And please remember, as you read on, that “must” is the key word in each of these topics.League AccountThe league must have an account in a bank or credit institution that is a member of the Federal Deposit Insurance Corporation (FDIC) or equivalent, or use in-center banking. The account must be in the name of the league (not an officer’s name). Two officers must sign for any withdrawals.The league decides if a banking institution or in-center banking will be used. Consider conveniences and safety for the officers, who will be depositing and withdrawing league funds. Also, consider the institution’s hours and location, as well as any fees that may be charged, before making a decision.When using an FDIC banking institution, the account should be opened using an Employee Identification Number (EIN) – not an officer’s social security number. The EIN is provided by the Internal Revenue Service (IRS) and, if done online, the number is assigned immediately upon completing the form. Click here for instructions specific to getting an EIN for a league.In-center banking is convenient for deposits but there are drawbacks. First, the league must be aware that USBC bonding insurance does not cover losses incurred because of center insolvency. We have heard of leagues having to wait to withdraw league funds for payment of membership dues, league expenses and the league prize fund. Be sure to address these items with center management if the league chooses in-center banking.The center must provide the president with a monthly statement of the league deposits and withdrawals, and it is important to address with the center. New this year, USBC has devised a step-by-step procedure to assist you in setting up an in-center banking agreement. Click here for details.DepositsLeague funds must be deposited in the league account within seven (7) days of receipt. This includes funds collected for membership dues. Membership dues must be deposited in the league account or a money order purchased within seven (7) days of receipt and forwarded to the local association.Failure to deposit within seven (7) days negates full bonding insurance coverage. Click here for Bonding information.VerificationThe league account statement must be sent to the league president. The president must do the arithmetic necessary to verify the account monthly. Click here for a verification form to assist in verifying the account.WithdrawalsWhether you use a checking account, savings account or an in-center banking account, all withdrawals must have two signatures. Other than ordinary expenses such as center lineage, expenses must be approved by the board or stated in the league rules prior to payment.The Bonding Program covers up to $10,000 at the end of the bowling season, when money is withdrawn for prize/award distribution. For prize/award funds of more than $10,000, USBC recommends payments are made with checks or money orders. Leagues must distribute league prizes/awards within seven (7) days after withdrawal for Bonding coverage.AuditThe league president must appoint an audit committee. The audit committee must complete at least one audit within the last 30 days of the league schedule. Click here for detailed audit committee procedures. We also have created a worksheet to assist the committee; click here for a copy.Financial StatementsThe treasurer or secretary/treasurer must complete a financial statement and provide a copy to each team captain. The financial statement discloses all money collected by the league, including membership dues and league fundraisers, and discloses all expenditures.The financial statement must include a detail of the prizes paid to each team and individual. Click here for a sample financial statement.We will give you a week to digest all of this financial informationbefore we send information concerning the first week of bowling.