Sponsorship question

altomari8868 · Oct 19, 2010

I may be thinking too much into this. When you find a sponsor, who does he pay the money to. Does he write a check to you the person or to the team name?????
Then if you have to set up a bank account in a team name to cash it,

is there a tax issue??
I am asking this because I just am not sure. For those of you who have won, who does the orginizers make the check out to, you or the team name?

Thanks again....

HandsomeSwede · Oct 19, 2010

If you are not a nationally recognized team you may find it difficult to find cash sponsorship. In my case sponsors have provided goods. For example, we have company that makes tshirts. In return for shirts we list their logo and sponsor on all our banners, shirts, etc. Tel Tru is another sponsor, they provide us with gauges each year. A local beverage distributor provides us with beer, soda, water. And so on, you get the idea.

Spydermike72 · Oct 19, 2010

Our team has a sponsor and the checks are made out to the LLC that I created for my catering biz. I also had a Credit Union account setup for the LLC. Most comps in our area make the checks out to the chief cook. My accountant handles all of the tax issues...

BBQ_Mayor · Oct 19, 2010

It's easy to set up an account with the team name on it, just talk to your bank.
Most of our sponsors are cash sponsors, and no we are not a nationally recognized team, barely locally recogized.:shocked:
Like swede says, it'll be difficult to get "big" money sponsors so it may be worth your while to see what they can get for you at a discount or free as a sponsorship

Coz · Oct 19, 2010

Our bank would not cash checks made out to the team after our first season.We had to start a checking account. Tax issues ? Nope just pay them and on your winnings too. Most of the checks we got this year were made out to the team,whether sponsors or winnings. Its not just you that could audited could be a sponsor or a contest and you could be the one the IRS checks to see as a result.Hasnt happened to me in BBQ but in another hobby .

Spanx · Oct 19, 2010

Our team has a sponsor and he makes the check out to me, all I do is give him a letter saying that the money is going to the sponsorship of our comp team and he is happy with that and can turn that in.

Spanx · Oct 19, 2010

HandsomeSwede said:
If you are not a nationally recognized team you may find it difficult to find cash sponsorship. In my case sponsors have provided goods. For example, we have company that makes tshirts. In return for shirts we list their logo and sponsor on all our banners, shirts, etc. Tel Tru is another sponsor, they provide us with gauges each year. A local beverage distributor provides us with beer, soda, water. And so on, you get the idea.

We never looked for cash sponsors but we had a few come after us wanting to sponsor us so we gave it a try. We told one guy that owned a glass company he could sponsor us if he wanted, he had so many questions about the team he was sponsoring the next day he starting asking to sponsor us every time.

Spanx · Oct 19, 2010

Spanx said:
We never looked for cash sponsors but we had a few come after us wanting to sponsor us so we gave it a try. We told one guy that owned a glass company he could sponsor us if he wanted, he had so many questions about the team he was sponsoring the next day he starting asking to sponsor us every time.

Of course we gave him our trophies to display in his place (2nd ribs and 4th shoulder out of 30 teams in an MBN) $1000 prize money

He was happy with the advertisement and had been asking to do all my comps for me, but I have told him if it doesn't give him publicity I won't take any money from him.

BBQ_Mayor · Oct 20, 2010

Spanx said:
Of course we gave him our trophies to display in his place (2nd ribs and 4th shoulder out of 30 teams in an MBN) $1000 prize money

He was happy with the advertisement and had been asking to do all my comps for me, but I have told him if it doesn't give him publicity I won't take any money from him.

Some don't do it just for publicity but to give their clients and/or employees something to look for at contest.

Sponsorship question

altomari8868

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HandsomeSwede

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Spydermike72

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BBQ_Mayor

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Coz

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Spanx

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Spanx

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Spanx

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BBQ_Mayor

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