V. Treasury

Categories: Operations & Policy Manual

1. The Board of Officers shall direct expenditures in such a manner as will give no individual or team, level or division an advantage over another.

2. All registration and fund-raising is to replenish the League treasury. The League treasury will be used for all League expenses including but not limited to purchasing concessions, advertising, marketing materials, uniforms equipment, hydration, field time, facility maintenance, first aid, improvements, media, special events, training, instruction clinics, special guest speakers, awards, team celebrations, spirit gear and memberships to relevant organizations and affiliations which benefit the whole of the League.

3. Registration Fees will be reviewed each year at Board of Officers Annual Meeting and will be determined based on need and objectives of the League with Player Participant’s best interest as primary concern.

4. The League and its Officers shall not permit nor accept the contribution of funds to individuals, specific levels or specific divisions.

5. Settlement of all charges/expenses and budgets must be submitted to the Board of Officers no later than one week after the last regular season game. Exceptions must be approved by the Board of Officers. Excess funds will revert to the League’s improvement fund, if not otherwise tagged for another specific expense.

6. All major purchases, excluding normal operating expenses, exceeding $1,000 for capital expenditures or $1,500 for operational expenditures must be approved by a majority vote by the Board of Officers, duly constituted at a meeting of the Committee, and executed with two different Officer's signatures. 

1. Normal operating expenses include concession expense, utilities, field upkeep, etc.
2. In an Emergency, the president of the board will make the necessary decision(s) and report to the Committee as soon as possible.

7. No private inurement. No part of the net income or net assets of the corporation shall inure to the benefit of, or be distributable to, its trustees, directors, officers, members or other private persons. However,  the League shall be authorized to make reimbursements for expenses incurred in conducting its affairs and carrying out its purposes and to make payments and distributions in furtherance of the purposes set forth in Article II of the Articles of Incorporation and Bylaws.

8. All the assets and earnings of NBYFL shall be used exclusively for its exempt purposes, including the payment of expenses incidental thereto.

9. NBYFL will not carry on any activities not permitted by an organization exempt under Section 501(c)(3), Internal Revenue Code, 1986 (as amended), or the corresponding provision of any future federal law.

10. NBYFL shall have no capital stock, pay no dividends, distribute no part of its net income or assets to any trustees, officers, staff volunteers and private property of the subscribers. Trustees or Officers shall not be liable for the debts of NBYFL.

11. NBYFL shall not engage in economic development.

12. NBYFL will not enter into joint ventures or partnerships with any non-501(c)(3) organization.

13 .Checks, Drafts and Orders of Payment. All checks, drafts, notes, or orders of payment or other evidence of indebtedness issued in the name of NBYFL shall be approved by the President and signed by the President and/or the Treasurer with oversight from other additional Officer excluding the President and Treasurer, shall be accompanied by a check request, reimbursement form, and receipt.

14. Deposits. All funds of NBYFL shall be deposited from time to time to the credit of NBYFL in such banks, trust companies, or other depositories as the Board of Trustees may designate.

15. Gifts. Trustees, collectively or individually, any Officer or designated agent may accept property whether real, personal, or mixed, by way of gifts, contributions, bequests, or devise on behalf of NBYFL, from any person, firm, trust, or corporation, to be held, administered and disposed of in accordance with the charitable purpose of NBYFL. Gifts of any numerations (real property or otherwise) must be accompanied by:

1. valid appraisal or appropriate value estimation
2. previous resale information
3. complete gift giver information, name, address, social security # or Tax ID
4. written description of intended and actual use
5. secondary resale information, if applicable, name, address, social security or Tax ID
6. record, tagging and tracking, of all transactions occurring regarding the gift including proceeds/gains/ losses
7. all items shall be accompanied with an authentic and legitimate estimation of value by receipt and/or appraisal and all rights to the item will be released in writing by the giver to NBYFL.  
8. a formal records log of all gifts/contributions, which will include giver, receipt of item, date received, item description, value of item, photo of item, documentation of and in support of item, date of resale, raffle or auction, receiver, and proceeds will be maintained by Treasurer.
9. disclosures of any relationship, personal or business, between giver and trustees, officers, directors, staff volunteers or NBYFL participants must be maintained as part of records.

16. Loans. No Trustee, Officer or agent shall have the authority, on behalf of NBYFL, to enter into a loan or any other contract of indebtedness except by unanimous vote in a specific resolution of the Board of Trustees. The authority designated by this provision shall be limited to a single and specific instance.

17. Leases, Loans, Contracts. No oral arrangements regarding purchases, sales, loans, contracts, or agreements of any kind will be made. All must be in writing  with research and fair-market value information provided. All must be arranged in accordance with NBYFL’s conflict of interest policy and arms-length negotiation procedures. All must be recorded and maintained by Secretary.

18. Taxes. It is intended that NBYFL shall have the status of an organization which is exempt from (a) NJ State Sales Tax maintaining a valid ST-5 Certificate, and (b) federal income tax under Code Section 501(c)3.

19. Excise Tax. As a private foundation, the Corporation shall meet the provisions of 508(e) as enacted by NJ State Law. The Corporation will refrain from acting in any manner causing it, its trustees, directors, officers, members, or other persons to be liable for taxes imposed by Sections 4941, 4942, 4943, 4944, and 4955.

20. Treasurer will keep and maintain all records and files relating to accounts payable, receivable, as well as expenses and credits, prepare a Treasurer’s report for each meeting, as well as prepare records and books for audits and end of year tax filings.

21. When appropriate, and requested by President, Treasurer will provide cost analysis or special needs reporting.

22. All fund holding accounts will be supervised by the President, Treasurer and League Admin, and accessible for review by any sitting Officer of the Board or Trustee at any time.