Raising Money for Basketball Players’ Fees with Sponsors
Parents, having a single son/daughter who plays travel basketball can be very expensive. Now imagine having multiple kids playing. In this post, I will share a way to cover the cost. Teams sometimes offer fundraising events to help offset the cost for the players. The most common ideas are selling candy, bowling parties, selling subscriptions, and the list goes on. There are countless ways that teams can do to fundraise. The down fall of these methods is that it typically takes coordination, and not all parents want to participate. So many teams don’t bother doing any fundraising, or do not do very little.
So what can YOU as a parent do to raise money for your son/daughter’s basketball activities? One way of offsetting the expense of travel basketball is by finding a business owner or another person to sponsor your son/daughter. The first question, that you probably have is, doesn’t that violate the amateurism rules for playing in college? The answer is, No, as long as the amount donated does not exceed the cost of playing. In other words, if the actual cost to play is $600 with travel, you cannot receive $700. You can click here to go to the NCAA eligibility center to learn more. In addition, you will not want to ask a registered agent to donate, anything Obtaining anything from an Agent can get your son/daughter into trouble, and threaten their amateur status.
Seeking a Personal Sponsor
What is a “personal Sponsor”? A personal sponsor is a business owner or individual who is willing to sponsor your son/daughter playing basketball. That individual or business owner will make a donation to the team under the name of the player to cover the expenses of playing basketball. If the team is a 501(c)3, not-for profit, then the sponsor may be able to use the donation as a tax write-off. Let’s look at an example of this in practice.
Johnny wants to play basketball for the ABC Hoop Squad. The club tells you that the cost to play on the team is $600. The fees include the uniform, gym time, AAU cards, and tournament fees. You find out that the club is a 501(c)3 organization. You know a lawyer who likes to donate to help kids participate in sports. You ask that lawyer if they would sponsor your son/daughter by making a donation under your son/daughter’s name to the ABC Hoop Squad. They agree to donate $600 under Johnny’s name to the organization to cover Johnny’s fees. You provide proof that the ABC Hoop Squad is a 501(c)3 not-for profit, and provide a receipt to the lawyer.
Parents, if the club has a registration fee, in addition to the actual cost to play, you may have to pay that fee, as registration fees are not typically tax deductible, and therefore, may not be covered by the sponsor. Note: This statement is not meant to provide tax advice.
Who are the ideal sponsors? Start with individuals who know your son/daughter. A great place to begin would be with their doctors, dentist, and any attorneys you may know. These individuals tend to be high-income individuals, who look for worthy causes or people to donate money so that they can obtain write-offs on their taxes.
The next area would be business owners. Look for those businesses that have team picture’s hanging up. You should be aware. However, some business owners may look for marketing opportunities, unless they know you. If you come across a business owner who wants marketing in return, you should refer them to the club. There are, however, business owners who will sponsor your son/daughter. One sponsor may not cover the entire amount. It is okay to have multiple sponsors.
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