Commishes - what do you do with league fees (1 Viewer)

[Rounders]

Each year I collect $1,500 for our teams league fees. We pay out at the end of the season when we get together for our playoff draft. In the past I have just taken these checks, cashed them, and put the money in a sealed envelope and lock it away in my personal safe.

This year at the draft, one of the owners mentioned that we should take the money to a casino and bet it on black at the roulette table. Most of the owners quickly said no, but it got me thinking. Do any other leagues do anything with their league fees to increase the pot? Bank account? CDs? Other investment vehicles.

What do you guys got?

 

[BigRed]

I guess it's enough to merit a short-term CD and make a little chump change if you wanted to bother (lol @ roulette table - I don't suggest you make him your treasurer)

 

[kbleck]

Each year I collect $1,500 for our teams league fees. We pay out at the end of the season when we get together for our playoff draft. In the past I have just taken these checks, cashed them, and put the money in a sealed envelope and lock it away in my personal safe.

This year at the draft, one of the owners mentioned that we should take the money to a casino and bet it on black at the roulette table. Most of the owners quickly said no, but it got me thinking. Do any other leagues do anything with their league fees to increase the pot? Bank account? CDs? Other investment vehicles.

What do you guys got?

Paypal pays 5.01% per year for balances that are kept with them.My bank savings account pays .05%

 

[djjosee]

I just join other leagues ...

 

[Courtjester]

In our one league, we just have everyone post-date their check to Jan 1, it just eliminates any problems with money accidently being spent.

 

[Lehigh98]

I collected for 2 years in the keeper league I set up and will continue to stay one year ahead with collecting.

So one set of fees ($50*12=$600) went into a 3 Month CD: $600 ---> $606.48 (+$6.48)

And next years ($50*12+$60=$660) went into a 1 Year CD: $660 ---> $694.67 (+$34.67)

Proceeds from interest going towards draft supplies (beer, etc.)

This also keeps it seperate and keeps me from forgetting I have it in my account and spending it.

 

[tangfoot]

6-month CDs are currently paying about 4.5% at credit unions.

That's almost $35 on a $1500 deposit. Not a bad commish "fee".

Of course, if you invested that entire amount in scratch offs, you'd probably also get $35.

 

[GoBills02]

I'm gald I'm not the only one that mentioned the "black" choice, but I'd go red!!!!

We were almost going to bet the unders on all the pre season games that day.

I gave up the job, becasue I spent the damn money, and then when it was time to pay out, I was stuck.

I let my treasurer handle the job now.

 

[Rounders]

I'm not worried about spending the money. I was just looking for some creative ideas of what to do with it. I looked at a 3 month CD at area banks and the best return I could get is 3.75% which is about $25. Not bad, but anyone else with an idea?

 

[ooofffaaa]

Vegas baby VEGAS !!!

 

[Lehigh98]

I'm not worried about spending the money. I was just looking for some creative ideas of what to do with it. I looked at a 3 month CD at area banks and the best return I could get is 3.75% which is about $25. Not bad, but anyone else with an idea?

Drew Henson jersey?

 

[dluvlkn]

Vegas baby VEGAS !!!

Yup...put it on Red and let errrr ripppppppppppp

 

[dickey moe]

I'm not worried about spending the money. I was just looking for some creative ideas of what to do with it. I looked at a 3 month CD at area banks and the best return I could get is 3.75% which is about $25. Not bad, but anyone else with an idea?

Throw it in an online money market/savings account like emigrantdirect.com

 

[reg]

Ours puts it in his safety deposit box, or at least that is what he tells us. As long as he keeps paying me my share at the end of the season i don't care.

 

[wannabee]

How about a treasury? Don't they pay a little better. I would think that this interest would help with the MFL (or other) site fee

 

[tangfoot]

How about a treasury? Don't they pay a little better. I would think that this interest would help with the MFL (or other) site fee

Treasuries yield the absolute worst interest rates of any investment.They are also the least risky.

 

[Darcimer]

I just became the treasurer of my league. I started collecting dues ( $400 per team, 12 teams) and they all starting whining that they haven't gotten there winnings from the last year. WHoa! WTF I am supposed to do about that? The previous treasurer is still in the league, not a bad guy, but he spent the $4800. The commish coughed up the payouts for the 2 Superbowl teams, but that was only about 2400. ( Money league, $100 prize every week).

Anyway, if and when I get the $4800, I am thinking 6 month CD. That'll cover the MFL and draft board.

PS Any like/dislike using player stickers for drafting?

 

[Nemesis]

I collected for 2 years in the keeper league I set up and will continue to stay one year ahead with collecting.So one set of fees ($50*12=$600) went into a 3 Month CD: $600 ---> $606.48 (+$6.48) And next years ($50*12+$60=$660) went into a 1 Year CD: $660 ---> $694.67 (+$34.67)

If you're going to go THIS far........then you might want to first deduct the amount of taxes you're going to owe on that interest income from the league funds when the financial institution sends you a Yr-End Tax statement.

 

[Nemesis]

In our one league, we just have everyone post-date their check to Jan 1, it just eliminates any problems with money accidently being spent.

IMO, not a good idea.1-What if an owner gets ticked off during the season and decides to close the account that the check is drawn on?2-What if a check comes back as NSF (non-sufficient funds) and then the bank charges YOUR account and theirs a hefty fee?In either situation, how are you going to get the cash then?

 

[bjabrad]

I just became the treasurer of my league. I started collecting dues ( $400 per team, 12 teams) and they all starting whining that they haven't gotten there winnings from the last year. WHoa! WTF I am supposed to do about that? The previous treasurer is still in the league, not a bad guy, but he spent the $4800. The commish coughed up the payouts for the 2 Superbowl teams, but that was only about 2400. ( Money league, $100 prize every week).Anyway, if and when I get the $4800, I am thinking 6 month CD. That'll cover the MFL and draft board. PS Any like/dislike using player stickers for drafting?

If the previous treasurer wins, will his winnings be distributed to those that he screwed over last year? Why would you play in this league if he's still in it? That guy is a scumbag who needs to get completely abused at the draft. I would take a league vote and kick him out until he comes up with the money.