[group-organizers] Collecting Sponsor Money

[Sean O'Connor]

For DjangoNYC I've always handled money through the LLC I have setup for
consulting work.  That being said I almost always try to push sponsors to
do service-in-kind instead of cash sponsorships (e.g. they buy pizza for
the group instead of giving me cash to buy pizza) and in the cases we have
done cash it's always been < $500.

The main things to be careful of with running money through your own
accounts are:

   - collections - make sure that you trust the companies if they are not
   paying in advance of your event.
   - taxes - depending on where you are, the quantities involved, and how
   exactly things are handled the sponsorship money could look like income to
   the IRS.  Depending on your knowledge of such things, you might want to
   talk to an accountant to make sure you do things right.

____________________________
Sean O'Connor
http://seanoc.com


On Thu, Jan 31, 2013 at 3:38 PM, Jim Bartek <jim at sixfeetup.com> wrote:

> Hi Everyone,
>
> I am new to helping out the Indianapolis Python User Group,  IndyPy.
>
> We are doing a special event and we need to actually get some sponsors for
> this one.  Does the Python Foundation or any group allow you to collect and
> store sponsor dollars there? Or do most people just collect the money into
> their personal or business account and run it that way?  I am guessing most
> groups are not legal entities?
>
> Thanks is advance.
>
>
> Best,
>
>
> Jim Bartek
>
> --
> Six Feet Up, Inc. | Where sophisticated web projects thrive
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