Money Matters
<< Getting Organized | Contents | Gumball Challenge Teams >>Step 1: Gimme My Money
As the OC Treasurer, you will receive the microloans to be distributed to the Competitor Teams (CT) at your school. Once you've registered the number of CTs at www.gumballcapital.com/register (Deadline: Sun, Oct 28th), Each team will receive a microloan of $27. This means that if your school has three CTs competing, you will receive a check for $81. This check must be deposited by you into your personal bank account. Yes, your personal bank account.
Microloan checks will be sent to your bank account between Oct 29-30. Send us an email when you've received the check, so we know the mail guy (or gal) didn't run off with it. Remember, this is a microloan, which means that at the end of the Challenge, at the very least, you will be responsible for returning each $27 microloan. Again, if there are three CTs at your school, you will be responsible for making sure that each of the three CTs returns AT LEAST their $27 microloan and that you return to us AT LEAST $81.
Step 2: Buy Some Gum
...in a manner of speaking. It will be your responsibility to ensure that each Competitor Team receives exactly $27 at the start of the Challenge for their microloan. To do that, you need to withdraw the proper amount from your bank's ATM in cash. By now you're thinking "But my ATM only gives me $20 bills. How do I turn that into a $27 microloan?" Good question. Answer: buy some gum! Go down to your local supermarket, trade in that crisp $20 for a pack of gum and a whole bunch a change. Voila! You can now distribute $27 microloans to your teams. Make sure you give the money to the Finance Officer of each Competitor Team. You be in contact with each Finance Officer before, throughout, and at the close of The Gumball Challenge.
Step 3: Give it away!
Now you've got your stacks of $27 just begging to be put to good use, so let's use them. Meet personally with the Finance Officer of each Competitor Team during The Gumball Challenge Kickoff event (Sat, Nov 3rd). Have each of them sign for the loan using the handy dandy Gumball Challenge Microloan Agreement in the pdf/paper copy of the full Starter Kit. Make sure they also fill out the "Contact Information" section of this agreement. At this meeting, it will be your responsibility to explain to each CT Finance Officer the responsibilities and expectations tied to this money. Most importantly, you must relay to each Finance Officer that they must return, at the very least, the initial $27 microloan to you at the close of the Challenge.
Step 4: Bookkeeping
It's one of the few words in the English language with three consecutive double-letters. And it's very, very, very important to successfully running The Challenge.
Each day of the Challenge, Competitor Teams must report their financial activity on our website. Each CT Finance Officer will login enter in their CT's financial transactions for the day. Each expense must be entered in separately. The day's earnings can be entered as one figure. Each team must also enter in a detailed description of how they earned money that day. It is your job as OC Treasurer to make sure each team has entered in information EACH DAY. If they have not, you must contact them and make sure it gets done.
It is also your responsibility to review the figures for all of the teams at your school. If any figures seem exaggerated, infeasible, or incorrect, it is your job to contact that CT's Finance Officer and verify how they came up with the figure in question. The site will keep a running total of expenses and revenues for each team so they can see how they compare to other teams across the country. During The Gumball Challenge, CTs may edit their financial figures for both the current and previous day. If it becomes necessary to edit financial figures outside of these days, teams must submit a request to you via email.
You are also acting as the liason between each Competitor Team and the Chief Financial Officer at Gumball Capital. As such, you should maintain weekly correspondence with the Finance Officer of each CT in the weeks leading up to the Challenge, and initiate daily contact the week before the Challenge until the week after. This way, you may act as a resource for each Competitor Team should they need assistance from you or from us at Gumball Capital.
Step 5: Collecting
At the close of The Gumball Challenge, it is your responsibility to collect all of the money from each Competitor Team. Because we expect strict adherence to the daily reporting, the dollar amount you receive from each team should match up with what is listed on the website for that team. It is your responsibility to work out any discrepancies. Remember, no CT should be making a personal profit from the Challenge. ALL money should be returned and accounted for, including the original $27 microloan, on the last day of the Challenge (Sat, Nov 10th).
Step 6: Back to Gumball Capital
You should now have a whole bunch and currency in your possession. The next step is to deposit it all into your bank account. Every last penny. Even that really shiny one. Yes, that one. Once the funds have been deposited in your account, you need to transfer the funds back to Gumball Capital by Wed, Nov 14th. Remember, this amount includes the $27 microloan given to each team. Write a check to:
Gumball Capital
P.O. Box 19647
Stanford, CA 94309
You will receive an email once we have received the check. Congrats! You're officially finished with your fiscal responsibilities as the OC Treasurer. Job well done! You played a vital role in aiding entrepreneurs around the world in seeing their ideas come to fruition. Now go home. Relax. Watch a movie. Eat some popcorn. Life is good.
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