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#Post#: 364--------------------------------------------------
Financial Support for USAT Athletes - From Outside USAT
By: Ladytkd Date: August 8, 2014, 4:30 pm
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After the recent issues with the Aspire Camps dedicated to
assisting Cadets and Juniors with their travel with the USAT
Team Trips, re: lack of accountability, lack of information,
lack of transparency - a group of USAT athlete supporters met
this afternoon with TCF - Tulsa Community Foundation to discuss
how to create a 501c3 foundation outside the USAT to funnel
money to deserving athletes without having those funds used for
administration or diverted to other expenses. It was felt that
many people want to donate to the athletes but not necessarily
USAT because of the past issues, lack of transparency, delays in
filing 990's and the large infrastructure which requires a lot
of money to maintain.
TCF is headquartered in Tulsa, OK but it deals with donors and
funds outside the state of Oklahoma. For a minimal
administration fee, the TCF manages donations for individual
groups under their umbrella 501c3. This means that our group
would not have the expense of setting up or maintaining a 501c3.
Additionally their group would provide stringent oversight to
ensure that all donations are accepted and disbursed in
accordance with the stringent IRS regulations.
The group would have its own Board of Directors which must
initially set up a set of bylaws and parameters for the
Taekwondo Fund. It was decided at today's meeting that the fund
would further subdivide into Poomsae and Sparring. Donations
could be directed strictly to Poomsae or to Sparring or to a
General Fund. All donations, because of the 501c3 umbrella would
be tax deductible. TCF would handle thank you notes and tax
letters to donors, as well as ensuring compliance with tax
regulations and follow up that funds had been used in accordance
with the group's charter.
Discussion also included whether or not to send funds to USAT as
Restricted Funding. It was pointed out that with many groups,
say, this foundation decided to give $20,000 to the cadets
(example only), the Athlete Foundation (Still to be named) could
restrict the funds to this trip. TCF could ensure USAT only used
those funds for the cadets. However, the downside is that USAT
could then decide that since the Foundation was funding the
cadets, they could reduce the amount of funding for the cadets
and use previously allocated monies elsewhere. So the net gain
to the cadets in our example would be nothing.
Discussion also went around funding individuals on a scholarship
basis.
However, to move forward we need to complete the foundation
bylaws and guidelines for distribution of funds collected.
This note is being posted at the request of the committee who
wants to start out and continue to be as transparent as
possible.
Over the weekend, Kim Sol will be coordinating ideas from those
in attendance at this meeting. If we can get it together, the
agreements with TCF can be complete in less than two weeks.
Considering the Poomsae team needs money now for their October
trip, we need to get moving. All donations to those group will
be tax deductible and will go to the athletes. We will be
working with TCF to develop a distribution policy which complies
with IRS codes, a little trickier than just handing out money
indiscriminately.
The group decided unanimously to work with TCF because of their
reputation, as well as the reduction in administrative costs
allowing the foundation to use less for the foundation itself
and more for the athletes.
At the moment, Kim Sol is acting as the President of this group
because of his knowledge of 501c3 and fundraising, as well as
his legal background. Also involved, coordinating the Poomsae
side is Elva Adams, a banker. Mike Song, who instigated the
Aspire Camp idea, as well as being a part of other fund raisers
over the last year, will be overseeing the Sparring component
along with Terry Stoker who also has been involved for the last
year and has experience with these programs. I just add my board
experience and serve as the liaison between the committee
members and the public at large. Adding general comment and
credibility to our group, Don Parker, VP Bank of Oklahoma, Chair
of Board for a Tulsa Charter School, and well-versed in 501c3's.
Personally, I have to say what a pleasure it was to work with a
group of people who got more done in one one hour phone call
than other groups have been able to do in months.
Many NGB's have Foundations which raise funds for the athletes
outside the NGB and have been very successful. If you would like
to be involved and you have fundraising or foundation
experience, feel free to contact us. We are a very inclusive
group.
For those who want to know more about TCF - here is a copy of
their annual report. As already stated, this foundation,
whatever we name it, will be transparent.
HTML http://www.ladytkd.com/images/TCF_2013_Annual_Report.pdf
HTML http://www.ladytkd.com/images/TCF_2013_Annual_Report.pdf
#Post#: 372--------------------------------------------------
Re: Financial Support for USAT Athletes - From Outside USAT
By: Ladytkd Date: August 14, 2014, 7:37 am
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Statement of Purpose - which passed the group unanimously:
Proposed Statement of Purpose:
The Taekwondo Athlete Development Foundation is committed to
raising and distributing funds for development of America's
Taekwondo athletes, from grass roots to gold medal.
The purpose of the Foundation is to fund athletes, programs, and
opportunities for development of America's athletic potential in
the martial art of Taekwondo, emphasizing the importance of hard
work, building character, and developing high level skillsets.
Ultimately, the purpose is to assist in developing the highest
quality United States teams for international competitions.
The Foundation proposes to achieve these goals by partnering
with national level amateur sports organizations, state
associations, and local clubs to provide funding-raising and
financial support for individual athlete development, team
support, and organizational support, specifically related to
athlete development. All Taekwondo athletes are eligible to
apply regardless of organizational affiliation.
Such support will be on a scholarship or grant basis, on the
basis of applications and justification, with the goal of
providing such assistance that will be in addition to, and not
replace, existing athlete support from other sources.
The Foundation has partnered with an umbrella organization,
Tulsa Community Foundation, which handles funds, monitors their
distribution, and provides existing expertise for the proper
handling of scholarship and fundraising activities for an
assortment of national level non-profit organizations. This
provides for professional, third party, handling and accounting
of funds received as donations.
The Foundation has implemented a "donor plan" whereby donors
are recognized for their cumulative support on an ongoing basis,
and will provide maximum transparency to participating donors,
including by means of monthly reports and an annual report of
activities.
The Foundation intends to make certain that donations are
used for their purpose, that is, donor intent is the purpose of
the Foundation.
The Foundation supports development of senior team and
senior team athletes, junior team and junior team athletes,
Poomsae athletes, as well as program development designed to
provide auxiliary support for athlete and team development.
Donors may make general donations, or may earmark their
donations for specific support goals.
The Foundation will actively seek to develop sponsor sources
and donor pools for the ongoing development of outside support.
As part of developing financial support for athletes, the
Foundation will promote the general practice and development of
Taekwondo by supporting development activities at the grass
roots level.
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