C. Finances and Money Handling
Aug 25, 2013 17:52:07 GMT -6
Post by 4 Horsemen on Aug 25, 2013 17:52:07 GMT -6
C.1 LEAGUE DUES
$100 annual buy-in will be due 24 hours after you agree to be a part of the league and are accepted by Legion 2.0. All money will be collected through league safe and will be distributed within 7 days of the Super Bowl. If we do not reach capacity all money will be refunded.
Important Note:Once you buy in you are in unless there are extreme circumstances. Be sure you are ready to commit to this league before you request to become a member. Refunds will only be given in the most extenuating circumstances or if the league doesn't fill. If you fail to do your duties as a Legion member are are for any reason removed from the league by the commissioner your dues will not be refunded to you.
C.2 OWNER INSURANCE
A one time $25 fee will be owed by each league member. This $25 is held in the league general funds. If you are expelled or destroy a team and quit the league then this insurance fun will not be refunded to you but will remain in the general league fund. If you leave voluntarily and on good standing your $25 insurance fee will be refunded to you. This requires that you let the commish know in email that you are leaving the league with at least a weeks notice and only during the off-season. Any owner quitting during the season will not receive a refund unless it is very extenuating circumstances. All insurance funds that aren't refunded back to owners will be used to help recruit replacement owners and pay for their team banners.
C.3 DISBURSEMENT OF LEAGUE FUNDS
$1600 Dollar league funds + $400 in insurance funds
a. Progressive Payouts
A rolling fund with payout triggers. See below for details.
b. Insurance Fund
All insurance fees will be held at League safe. They will only be refunded to owners in case of them leaving in good standing or they will be moved to the general fund if a player is expelled or leaves without good-standing.
c. Yearly Prizes/Funds
c1. Fees:
-$90 for MFL Fees
-$30 Held in Leaguesafe general fund for any newcomers that need team banners and for champions page upgrade. Could possibly be used in enticing replacement owners by giving them lower entry in their first year. Every 2 years if these funds aren't depleted then 50% of them will be added to the progressive payouts fund. This fund will not start until the second year. In year 1 the only general funds will be any leftovers form MFL or Design costs being cheaper than expected.
c2.Prizes
$1200 in prizes
-$500 for league champ
-$260 for weekly high scores ($10 per week for highest scoring team and $10 per team per week with the highest scoring player)
-$125 for 2nd place
-$40 for 3rd place
-$20 for 4th place
-$60 for division winners ($15 x 4)
-$40 for most points in the regular season
-$35 for best regular season record (Split amongst tied teams)
-$35 for Most points scored in a single week (out of the 12 regular season weeks)
-$35 for League highest scoring player (Most points scored total by a player over the course of the season, total will only be for games where player was in an active lineup)
-$20 for most offensive points scored in a season
-$20 for most defensive points scored in a season
-$10 for Losers bracket Champion
c3. Progressive Payouts
$55 from first season plus + $280 annually
Each year $280 will be added to the progressive payout funds. There are no set date/times that these funds will be paid out (they will pay out when triggers happen). The trigger order will be listed below. So if two triggers happen at once then the higher priority order will be payed first. If a lower priority trigger happens before a higher priority trigger it will still be earmarked and taken out of the total fund. For priority to matter triggers must happen at the same time. If there are leftover funds then the second priority trigger will be paid. All payouts will be rounded down. Split triggers can happen, meaning two teams trigger the same prize and thus will split the payout. These funds will be triggered in percentages. These funds will payout their percentages at the end of the season. However if an In-season trigger happens then that money will be earmarked for end of season payout not count in the total fund for future triggers.
c3.1 Triggers
These have 1st priority in order listed.
- 10% to the single week Regular Season Team High Score in Legion 2.0 history (For example: if this is triggered by a team in season 2 then they will receive a $33 dollar payout. That $33 isn't paid out until the end of the season, it is earmarked though, and the progressive fund is then at $302. All other triggers will get their percentage of $302).
- 10% to the single week Regular Season Individual Player High Score in Legion 2.0 history
- 10% to any Team that goes undeafeated against division rivals
- 40% to a team to win the Championship twice in a row
- 75% to a team that wins the championship three times in a row
- 5% to a team that wins their division 2 years in a row
- 10% to a team that wins their division 3 years in a row
- 10% for making it to the Championship 2 years in a row
- 5% For having league MVP 2 years in a row
- 5% For having the largest winning margin in Legion 2.0 History
- 3% For having one of your players inducted to the Legion 2.0 Hall of Fame
**Any leftovers will rollover to the next years progressive fund. After every 5 years if the progressive pot is over $1000 then anything over $1000 will be added to the Champions, 2nd, 3rd, and 4th prizes. IN percentages of 50% to champs, 25% to 2nd, 15% to 3rd and 10% to 4th. Meaning if after year 5 there is $1200 in the progressive pot then in year 6 the prizes for 1st-4th will have the $200 excess added on to them. In this example making 1st worth $550, 2nd worth $200, 3rd worth $70, and 4th worth $40.**
d. Disclaimer
I understand money can be a concern in a league like this. I will be as transparent as possible with all funds. The general fund and all other funds will be tracked on proboards so you can see where your money is going. Costs and payouts are subject to change based on league wide vote.
**A lot of this information was changed on 4/12/14 to accomodate the shift from 24 teams to 16. The progressive pot overflow (after 5 years) rule was also added this day.
$100 annual buy-in will be due 24 hours after you agree to be a part of the league and are accepted by Legion 2.0. All money will be collected through league safe and will be distributed within 7 days of the Super Bowl. If we do not reach capacity all money will be refunded.
Important Note:Once you buy in you are in unless there are extreme circumstances. Be sure you are ready to commit to this league before you request to become a member. Refunds will only be given in the most extenuating circumstances or if the league doesn't fill. If you fail to do your duties as a Legion member are are for any reason removed from the league by the commissioner your dues will not be refunded to you.
C.2 OWNER INSURANCE
A one time $25 fee will be owed by each league member. This $25 is held in the league general funds. If you are expelled or destroy a team and quit the league then this insurance fun will not be refunded to you but will remain in the general league fund. If you leave voluntarily and on good standing your $25 insurance fee will be refunded to you. This requires that you let the commish know in email that you are leaving the league with at least a weeks notice and only during the off-season. Any owner quitting during the season will not receive a refund unless it is very extenuating circumstances. All insurance funds that aren't refunded back to owners will be used to help recruit replacement owners and pay for their team banners.
C.3 DISBURSEMENT OF LEAGUE FUNDS
$1600 Dollar league funds + $400 in insurance funds
a. Progressive Payouts
A rolling fund with payout triggers. See below for details.
b. Insurance Fund
All insurance fees will be held at League safe. They will only be refunded to owners in case of them leaving in good standing or they will be moved to the general fund if a player is expelled or leaves without good-standing.
c. Yearly Prizes/Funds
c1. Fees:
-$90 for MFL Fees
-$30 Held in Leaguesafe general fund for any newcomers that need team banners and for champions page upgrade. Could possibly be used in enticing replacement owners by giving them lower entry in their first year. Every 2 years if these funds aren't depleted then 50% of them will be added to the progressive payouts fund. This fund will not start until the second year. In year 1 the only general funds will be any leftovers form MFL or Design costs being cheaper than expected.
c2.Prizes
$1200 in prizes
-$500 for league champ
-$260 for weekly high scores ($10 per week for highest scoring team and $10 per team per week with the highest scoring player)
-$125 for 2nd place
-$40 for 3rd place
-$20 for 4th place
-$60 for division winners ($15 x 4)
-$40 for most points in the regular season
-$35 for best regular season record (Split amongst tied teams)
-$35 for Most points scored in a single week (out of the 12 regular season weeks)
-$35 for League highest scoring player (Most points scored total by a player over the course of the season, total will only be for games where player was in an active lineup)
-$20 for most offensive points scored in a season
-$20 for most defensive points scored in a season
-$10 for Losers bracket Champion
c3. Progressive Payouts
$55 from first season plus + $280 annually
Each year $280 will be added to the progressive payout funds. There are no set date/times that these funds will be paid out (they will pay out when triggers happen). The trigger order will be listed below. So if two triggers happen at once then the higher priority order will be payed first. If a lower priority trigger happens before a higher priority trigger it will still be earmarked and taken out of the total fund. For priority to matter triggers must happen at the same time. If there are leftover funds then the second priority trigger will be paid. All payouts will be rounded down. Split triggers can happen, meaning two teams trigger the same prize and thus will split the payout. These funds will be triggered in percentages. These funds will payout their percentages at the end of the season. However if an In-season trigger happens then that money will be earmarked for end of season payout not count in the total fund for future triggers.
c3.1 Triggers
These have 1st priority in order listed.
- 10% to the single week Regular Season Team High Score in Legion 2.0 history (For example: if this is triggered by a team in season 2 then they will receive a $33 dollar payout. That $33 isn't paid out until the end of the season, it is earmarked though, and the progressive fund is then at $302. All other triggers will get their percentage of $302).
- 10% to the single week Regular Season Individual Player High Score in Legion 2.0 history
- 10% to any Team that goes undeafeated against division rivals
- 40% to a team to win the Championship twice in a row
- 75% to a team that wins the championship three times in a row
- 5% to a team that wins their division 2 years in a row
- 10% to a team that wins their division 3 years in a row
- 10% for making it to the Championship 2 years in a row
- 5% For having league MVP 2 years in a row
- 5% For having the largest winning margin in Legion 2.0 History
- 3% For having one of your players inducted to the Legion 2.0 Hall of Fame
**Any leftovers will rollover to the next years progressive fund. After every 5 years if the progressive pot is over $1000 then anything over $1000 will be added to the Champions, 2nd, 3rd, and 4th prizes. IN percentages of 50% to champs, 25% to 2nd, 15% to 3rd and 10% to 4th. Meaning if after year 5 there is $1200 in the progressive pot then in year 6 the prizes for 1st-4th will have the $200 excess added on to them. In this example making 1st worth $550, 2nd worth $200, 3rd worth $70, and 4th worth $40.**
d. Disclaimer
I understand money can be a concern in a league like this. I will be as transparent as possible with all funds. The general fund and all other funds will be tracked on proboards so you can see where your money is going. Costs and payouts are subject to change based on league wide vote.
**A lot of this information was changed on 4/12/14 to accomodate the shift from 24 teams to 16. The progressive pot overflow (after 5 years) rule was also added this day.