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ATTENTION LEAGUE PRESIDENTS!
USBC provides free bonding, burglary/robbery
insurance to leagues. They are two valuable services that cover funds
when:
1. A league officer misuses
league funds. 2, A league
officer or their messenger is robbed by force or threat of
violence. When using an in-house deposit service, the
messenger is the bowling center employee who takes the deposit
to a banking institution. 3.
Someone burglarizes the premises, vehicle or locked receptacle
where funds are kept. There must be visible evidence of
forced entry and an on-site police report is required. In
the case of an in-house deposit service, this would cover
burglary of the bowling center.
TO ENSURE LEAGUE RECEIVES FULL
COVERAGE UNDER THE USBC INSURANCE PROGRAM:
1. Open an account in your
league's name in an insured banking institution or in-house
deposit service, and make deposits within a week of receipt.
2. The president MUST verify the
account each month by obtaining a statement from the bank or
in-house deposit service and mathematically checking for an
accurate balance. The bank statement must be sent to
the president directly for verification purposes. (You
can use the "Monthly President Bank Verification Worksheet" link
at the left to help you with this).
3. Two elected officers must co-sign
for withdrawals. Two signatures are required on all checks
written on a league account regardless of the banking
institutions policy. 4.
Cosigners cannot be immediate family members.
5. All officers and/or co-signers on
the league account must be at least 18 years of age.
If a league fails to follow the above
procedures, the bonding program only will cover a maximum of 50
percent of the documented loss on a bond claim and one week's
receipts (up to $2,000) for a burglary or robbery. |
