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Finances

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Modified on 2014/11/13 23:49 by Karla Landrum Categorized as Uncategorized

Finances



As of March 1, 2014, PASS no longer will collect monies for you (sponsor/lunch fees). Now that Paypal has updated their API to allow personal accounts, you can now have your event set up to direct to your own PayPal account. This is great news for all organizers, as you will no longer have to request funds from the previous trust account method PASS was providing to each event. Now you are in control of your funds, and can access them whenever and as often as you need to. Be sure to have your Paypal account ID available when you fill out the Online Event Request form, so it will automatically be setup when your event gets published to the web.  



Responsibilities



The event is responsible for managing its own finances. This means PASS does not pay taxes and has no responsibility for reporting any of that money to the IRS on your behalf. If a vendor pays via PayPal the event receives the NET amount of the payment. If paid by check then event gets 100% of the amount. You are not obligated to spend all of the money you collect through sponsorship dollars. If after the event you find funds remaining it is recommended you use these funds to support other chapter efforts or just save it towards the next annual event.



PayPal/Online Payment



When sponsors sign up they automatically get an invoice sent to them with PayPal link and check mailing address. Check mailing address should be the event organizer. The event is responsible for taxes on funds collected. We cannot give direct tax advice so we highly recommend hiring a tax professional to handle these matters. As an overview of possibilities, treat it as personal income and hold back a percentage of the funds to pay the taxes on that money. Another option is to work with a local business and ask them to pay the expenses for you so that they can expense it and this reduces tax implications on your end. 



Be aware that PayPal does charge a fee of 2.9%+$0.30 on payments received up to $3000 (the percentage goes down as the amount goes up and over $3K). As an example, a lunch fee of $10 the event will receieve $9.41 if paid via PayPal.  Any refunds of paid lunch fees are the responsibility of the Event Leader.


 

If you set up a new PayPal account, be sure it is verified for itme to be “auto accepted”, otherwise payments could end up in a “pending” status and after 30 days of it not being accepted, PayPal will refund the person who made the payment.

 

If you ever have any problems with your Paypal, be sure to call their support line and have your last 4 numbers of your bank account or credit card on the account available (they will also accept the phone number associated to the account).



Check/Manual Payment



If vendor chooses to pay via check or other non-online means, you will have to provide them a W-9 tax form before you receive funds. (Update: Some vendors are now even requiring you provide a W-9 to them even if paying online via Paypal).



Tracking Expenses



On the SQLSaturday site there is a basic expense collection page. This page is visibility only to other SQLSaturday admins. This can be used for committed and planned expenses. Using this tool is optional but recommended to keep track of these expenses.



Refunds



Lunch and Sponsorship refunds are the responsibility of the event leaders.


 

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