Hello! I've been stalking for a while, but this is my first post.
DD's gym is fairly new and the booster's group is really just getting off the ground. I've recently been told that there is a limit to what percentage of our funds raised can go toward meet fees. For instance, if we have $10,000 in the account, we can only spend up to $6,000 to help cover meet fees and the remainder would have to be spent on something else (like uniforms, parties, guest speakers, etc.) Does anyone out there know where that is documented? I've looked for info on the IRS's website, but can't find anything...
Thanks!
DD's gym is fairly new and the booster's group is really just getting off the ground. I've recently been told that there is a limit to what percentage of our funds raised can go toward meet fees. For instance, if we have $10,000 in the account, we can only spend up to $6,000 to help cover meet fees and the remainder would have to be spent on something else (like uniforms, parties, guest speakers, etc.) Does anyone out there know where that is documented? I've looked for info on the IRS's website, but can't find anything...
Thanks!