Gahanna Cyclone Parents Organization, Inc.
Code of Regulations - Article VII
Administering CPO Accounts
Purpose
To define and clarify the practices and policies for administering the funds deposited into CPO gymnast accounts
Description
CPO Gymnasts may deposit funds throughout the season to pay for the expenses incurred from future gymnastic competitions. These funds are categorized as a) personal monies or b) fund-raising monies.
- Personal Monies are those funds provided directly from the gymnast or his/her parents for use by the gymnast. Typically, these funds are provided to the CPO by a personal check.
- Fund-Raising Monies are those funds that are generated from specific activities sponsored or endorsed by the CPO for its members. Typically, these funds result from activities like Germaine Amphitheatre concerts; the ARNOLD Gymnastics meet work; Kroger Gift Cards; Corporate Sponsorships; or any reimbursement from the CPO.
When a gymnast retires from competitive gymnastics, existing by-laws require that all personal monies remain the property of the gymnast while fund-raising monies must be transferred to the CPO General Fund.
To ensure that these funds are properly administered, the CPO shall:
- Establish two accounts for each gymnast – a personal monies account and a fund-raising account.
- These accounts will be identified on each gymnast's statement of account provided monthly from the CPO Treasurer with their associated transactions.
- When deducting expenses/payments for the gymnast, funds will always be deducted from the fund-raising account first.
- If the gymnast's fund-raising account has insufficient funds to fully pay for an expense, then any shortfall will be debited from the personal monies account.
- If the sum of a gymnast's accounts is insufficient to fully pay for an expense, then that gymnast may not be registered for the next meet.
- At retirement, the gymnast is entitled to recover only those funds that remain in their personal monies account. All fund-raising funds revert to the CPO General Fund.
The account below provides an example of CPO gymnast account administration:
In the example shown, the gymnast could pay for the next $45 expense from the Fund-Raising account. Any expense beyond $45 would be deducted from the personal balance up to an additional $150. Should the gymnast retire at the end of January, the gymnast would be reimbursed $150.00 and the CPO General Fund would be credited $45.
The CPO Treasurer may provide a transaction history for up to one season for any CPO member that requests such an account report. However, account transaction history beyond one season may be provided only after a $25 payment to the CPO General Fund. Account history is limited to the records retained by the CPO.
