Questions about a charity golf tournament?
Thursday, May 20th, 2010 at
1:25 am
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I wouldn’t see a problem with it as long as you let the competitors know that only X% of the entry fee is going to charity. Just a statement along the lines of "All net proceeds from the tournament will be donated to Z corporation for cancer research" would be sufficient IMO.
Usually Charity Golf Tournaments are paid out like this (example only);
Income (Sponsor Donations and entry fees) = Sponsors – $2,000.00 + Entry Fees $5,000.00 ($50 per payer x 100 Players) = $7,000.00
Subtract – Greens Fees ($30.00 per player x 100 Players) = $3,000.00
Prize Money (or Prize Purchases) = $1,000.00
Food & Drinks (If offered) = $1,000.00
———————-
Total Expenses = $5,000.00
$7,000.00 Income less $5,000.00 expenses = $2,000.00 profit for the Charity.
It’s pretty simple math and there is no need for a disclaimer. It would be nice, however, to maybe let the participants know at the after dinner that $xxxxx amount will be donated. It lets them know that their contribution is appreciated. Good Luck, hope it does well!