Washington-Liberty Athletic Boosters

Schedule O:

“The Boosters primary functions is to enhance the Washington-Liberty High Schools athletic programs by raising funds and making grants to the school for equipment purchases, league registration fees, coaches training, transportation, and other expenses that not covered by the school system. An ancillary function has been to serve as custodian of funds for families as they help student athletes with college expenses. The families provide funds which the Boosters hold in a custodial account until they are distributed to college-bound student-athletes based on need/merit. The Boosters role is purely custodial. We do not consider the funds received to be Boosters revenue, nor a tax-deductible donation, nor do we participate in the award process/decisions. The Boosters merely receive, hold, and distribute the funds on behalf of the families and recipients. While we are in possession of the funds, we recognize them as both an asset (cash) and liability (payable to the eventual awardees) with no net impact on our balance sheet. The cumulative value of funds contributed by the families that has yet to be distributed is reflected on line 26. Regarding Part IV - The Boosters is 100% volunteer run. We have no employees and do not compensate Board Members.”