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Gumball Challenge Teams

Intro

As the Finance Officer of a participating Competitor Team (CT), you will be responsible for managing your financial budgets and fiscal documentation. To assist you, we have provided a step-by-step guide on how to properly manage your team's financial assets throughout The Gumball Challenge.

Money, Money, Money!

At the start of the Challenge, you will meet with your school's Organizing Committee (OC) Treasurer. At this meeting, you will receive your $27 microloan and fill out the Gumball Challenge Microloan Agreement with your contact information. From this point through the end of the Challenge, you should feel free to get in contact with your OC Treasurer with any questions, concerns, or needs you may have.

It is important to remember that the $27 microloan is just that, a loan. It must be repaid in full at the end of The Challenge. This along with ALL revenues collected throughout the Challenge must be returned to the OC Treasurer. Remember, your team is not making any personal profit from participating in The Gumball Challenge.

It is your responsibility to collect and keep track of any revenues from your teammates on a daily basis. To assist you in this effort, you are required to keep complete and detailed records of your team's transactions each day on our website. As the Finance Officer of your Competitor Team, you can also login to enter in your financial information for the day. You must record all expenses individually. You can enter in a single revenue figure for the day. However, you must also provide a detailed explanation of how you raised funds that day. It is important that you do this EVERY DAY of The Challenge (Nov 3-10). The site will keep a running tally of your revenues and expenses, allowing you to keep track of exactly how much money your Competitor Team has at the end of each day. Furthermore, the site lets your Competitor Team see how you are faring with other Competitor Teams around the country, in real-time.

You will be able to edit the current day's data as well as the previous day's data as much as necessary. This will allow your totals online to most accurately reflect your current totals. If you need to edit the information for days outside of this range, you must submit the change via email to your school's OC Treasurer who will pass along the request to Gumball Capital for review. Please, be as accurate as possible in entering data on the site and be diligent about making any corrections that need to be made.

At the close of the Challenge, it is your responsibility to tally your team's revenues and return ALL money to the OC Treasurer. At the very minimum, you must return the $27 microloan you received at the start of The Gumball Challenge. The total revenue you have should match the figure on the Gumball Capital website for your team. If there are discrepancies, it is up to you to sort them out and report them to the OC Treasurer. The OC Treasurer will then return the money from all Competitor Teams to Gumball Capital, so we can determine the winners of The Gumball Challenge (see Awards and Judging Criteria).

Microfinance!

Alleviating poverty
by providing
financial services
to the poor.
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