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fundraising idea

charlie

By charlie
in Slough Town Forum

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charlie Newbie

charlie

Posted
Posted

I spoke to a couple of people about this at last week's game and got mixed reactions so I thought I'd start a thread on here and see what the rest of you think.

 

I was pondering on the idea of the millions up for grabs with the euro-jackpot the other week and thought, I wonder what the legalities are surrounding a lottery syndicate where winnings can be donated to a club.

 

Having spoken to Martin very briefly about this, it would appear that legally it is possible, providing all sydicate members sign a contract of some sort to make sure someone doesn't run off with all the money.

 

As I say, the idea is in its infancy, so if anyone has any suggestions I'm happy to hear them.

Currently, I was thinking that anything under £1,000 in the winnings would be donated directly to either the club/the trust (again, up for discussion) and that for winnings over £1,000 it would be split 50:50 between syndicate members and the club/trust.

Syndicate members would be required to pay for five tickets (for example) in advance so that we weren't constantly drawing up new contracts.

 

Anyway, just thought it might be a bit more profitable (and fun) than throwing 20p in the trust bucket each week... let the criticisms commence!

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Guest

Guest

Posted
Posted

Charlie ...will mention this at the board meeting tonight..maybe if you can meet with the fund raising committee and thrash some ideas out ?? hows that..for starters...

 

cheers chris s

 

<img src="/forum/images/graemlins/smile.gif" alt="" />

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HorshamRebel Explorer

HorshamRebel

Posted
Posted

I used to run a syndicate at my old place of work.

 

All that was required for legal reasons was a list of the people in the syndicate, and the rules that they would abide by during the life of the syndication, including people joining/leaving the syndicate after initial set up.

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Martin Rookie

Martin

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Exactly right Horsham. Agree to the terms of the syndicate and it is not problem. The only "issue" I can see is that we would be reserving the benefit of some of the winnings for the club/trust. The rules on creating trusts of that nature have changed recently and there may be tax implications. Not something I really know about in detail. If there were enough interest and an agreement in principle I'd be able to get one of my colleagues to check over the legalities pro bono.

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Staines-upon-Thames Rebel Newbie

Staines-upon-Thames Rebel

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The only caution I would add is that the lotteries only pay out about 25-30% of the stakes.

 

In addition the lower prizes only pay out 10-20% of the odds it takes to win them i.e. chance of 3 numbers in the normal lottery is 1 in 54ish yet you only recive £10 for your £1 stake, so less than 20% return against the odds - not very good.

 

The only prize that nears the odds/return ratio is the jackpot - i.e. Saturday jackpot of £5 million against the odds of 13.9 million to one - about 40% return. However if the jackpot is shared the % reduces.

 

The issues of tax would need to be investigated as handing the money to the club could incure tax and reduce the amount further dependant on how the tax man percieves the arrangement.

 

However I will still be playing the euro millions this friday!!!!

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Guest

Guest

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Posted

The old members club then run by the elected committee did have a national lottery syndicate set up just as Charlie suggest.Any small wins 3/4 numbers were reinvested in the following draw.Any larger wins were split 50% to the club 50% divided equally between the share holders{committee).NOTE stricted rules are required to govern membership i.e. miss payment membership suspended/share of possible winnings lost.Proof of m/ship {payment}required i.e. cash receipt cheque etc.Any questions contact me Banny on this site or get Chris Sliski/Alan Harding to introduce us.

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