Q: What legal protections do I need to take if I am managing donations and money for a college student who is not my child?
One of my former studetns (i'm a teacher) is attending college and we have been helping manage their finances and assisting them in navigating college (parents arent involved at all, we have permission from them to assist, student is 18), and we've gathered support from a variety of areas in the form of donations. These donations have been given to us which we then apply to the student's tuition and basic needs. My question is what legal protections and documentation do I need to have to protect myself in the event the student decides to allege misconduct or theft, and what documentation do I need if any to show we have been above board in managing these finances?
No written agreement has been signed for either us and the student or us and donors.
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A:
To protect yourself legally when managing donations for a student, start by creating a written agreement between you and the student. This agreement should clearly outline your role, responsibilities, and how the funds will be managed and used. It can also specify that the student has given you permission to act on their behalf in managing their finances. This helps prevent any future misunderstandings or allegations of misconduct.
Additionally, establish a clear system for accounting and documentation. Keep detailed records of all donations received, how the funds are allocated, and all expenses paid on behalf of the student. Ensure that all transactions are transparent and maintain receipts, bank statements, and other relevant financial documents. These records will help you demonstrate that you have managed the funds responsibly and can provide proof of your actions if needed.
Finally, consider discussing with a lawyer to ensure your documentation is comprehensive and that you are compliant with any local laws or regulations that may apply. Depending on the situation, setting up a separate bank account for managing these donations could also be beneficial to keep the funds organized and distinguishable from personal finances. This clarity can further safeguard you in the event of any disputes.
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