The $234,000.00 in prize money
The event is a high stakes race, meaning that yes the money comes from the enterence fee's paid. This is why it is important to enshure a system or manner of collecting the funds, that each enterant or sailor would be comfortible with, enshureing them that if the minimum number of enterants were not achieved by a certain date, that any funds (deposits) paid would automatically be returned back to those that entered.
my thoughts on how I propose to do are as follows, so if anyone see's a problem with this method, I would like to have your thoughts as to why there could potentially be a problem, as well any solutions or recomendations you have.
1st Interested enterants only notify of thier intent to Race providing all details of the series they wish to race in and for what period (series)....NO money nor deposit
There is a minimum number of enterants required for the race to happen, so knowing this the number of interested parties collected will be higher than the number actually needed.....to account for those who do not follow through, or change thier minds.
If by a predetermined date more than enough interested enterants have expressed interest we continue to No.2
No.2 the deposit, this would be sent direct to the bank where the event trust is set up, not to the organizers of the event. A predetermined date is established on the collection of it, meaning simply that if the required number was not achieved by the time and date established here, the bank would simply return the funds to those they recieved them from. One thing to note here is, when the interested parties express thier interest in the event, they did so by filling out a form, this inturn gives them a reservation number a placement number, so when the above takes place (required numbers achieved) a notice is sent to these enterants for thier deposits (twenty percent, balance due in the same manner several weeks prior the event)they will have 72 hrs to do so upon thier notification date, if they didn't, then the next reservation in series is notified, and so on. This is so that funds collected are not held for any legnth of time should the race not achive its minimum number, thus monies being promptly refunded at 100%.
the link is where the form is if you wish to see it.
http://ca.geocities.com/[email protected]/index_files/Page1241.htm3rd If the proper number is achieved the event is held.
On sponsor's there are prizes and awards etc. here too, they are over and above the cash prizes,this works like any other event.
