Cascadia Elite League

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League finances

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1 Paypal on Mon Sep 30, 2013 2:12 pm

Darth Guzzlord


So,

I've updated my paypal account but am not really familiar with using it so I'm going to spend some time learning what to do.

In the mean time, if you want to submit your $75 deposit now (we need these all within a week or so) you can look up my account - Matt Nashlenas - on the paypal site.

If you are more comfortable using email payment my email address is mnashlenas@gmail.com

If you would prefer to send a cheque, my address is 103 Warrick st, Coquitlam BC V3K 5L3

EDIT: I've just found out that there are some fees associated with Paypal so I would prefer if you could email me the payment or send a cheque.

Cheers

Matt

2 League finances on Tue Sep 24, 2013 2:50 pm

Darth Guzzlord


Gentlemen,

Now that we've passed the big rush to get everything set up, teams drafted, and kinks worked out I thought I would get going on the financial side of things.

As a brief overview, your financial responsibility for this league will come in two parts - the first is a deposit of $75 which should cover most of the cost of your league fees.

The second part will come at the end of the season once the final salaries are totaled. You will be expected to pay the remaining balance within a couple of weeks of the end of the season so that we can pay out the prize money as quickly as possible. I'll firm up the date sometime through the season.

The total cost of your league fee won't be determined until the end of the year when the commissioners will take the final tally and calculate your total fee/salary. This calculation will be based on an average salary for your team during the course of the regular season. We will take note of your salary on three occasions, at the beginning, middle, and end of the season. Once the final tally has been taken we will divide the total by three and multiply your average salary by .5 - this will give us your total payable salary for the year.

For example: Team Darth Guzzlord starts with a salary of $180 - due to his many trades during the first half of the season his salary drops to $150 - at the end of the season he comes in at $160. We add those three up for a total of $490 - divide that number by 3 for a total of $163.33 which is your final salary cap for the year. We multiply your salary by .5 and come up with a real dollar value of $81.66 - this is your total payable for the year. Because you would have paid your deposit up front, your remaining payable is $6.66 (a rather ominous number). I would reiterate that timely payment will be essential for prize payouts at the end of the season.

As far as payment options go, Paypal will probably be the best way to go - the least administration on my part, easy to send and easy to receive. I'll recommend this as the #1 option for payment and I'll send out details of my paypal account as soon as I have everything in place.

The second option is to pay by cheque. I went to the bank today to open up an unincorporated account with Coast Capital called the "Cascadia Elite League" chequing account. While the account itself will be free, Coast Capital will charge us per cheque written and has a fee for clearing each cheque received. Charles and I decided that we should keep as much money in place for prize payouts as possible rather than pay administrative fees to a bank so I am going to ask you all to trust me enough to send the cheques in my name.

The third option is to pay via email.

I will follow up in the next few days with payment details but in the mean time if you have any questions or suggestions please air them hear before people start paying.

Once I get the payment details up I hope everyone will make an effort to pay quickly so we can secure our finances for the year.

I'll ask that all deposits get paid no later than October 8th.

Cheers

Matt

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