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The Band Fund

#41
Depends on what you're doing with your band. A serious band can cost serious money...recording, gas money to gigs, merchandise, PR, etc.

My band has a band fund, and I've never seen a cent of it, but I'll tell ya what - when it comes time to pony up for an expense, it's REALLY nice to have. Sometimes we'll take ourselves out to dinner on it or for beers once in a while, too.

Then again, we all have full-time day jobs. It's a different story if you're bringing that cash home from gigs to support your family or buy groceries for your home...
 
#42
This is certainly an interesting topic. In my band, I am the manager of the funds. Anytime we get paid for a gig I immediately go up to the person who received the money and take it from them, and this is the general understanding. As a result, with using little to no personal income we were able to finance the production of our CD and go on a little tour. Conversely... I have also had money that I know was not given to me (from band members) and I would never trust anybody else with the "band fund." Perhaps this is because everyone else in the group is much more financially strapped then I am. It really comes down to what your band is about... if your group is about personal financial gain then you probably chose the wrong business anyway.
 
#43
evilmutantducks said:
This is certainly an interesting topic. In my band, I am the manager of the funds. Anytime we get paid for a gig I immediately go up to the person who received the money and take it from them, and this is the general understanding. As a result, with using little to no personal income we were able to finance the production of our CD and go on a little tour. Conversely... I have also had money that I know was not given to me (from band members) and I would never trust anybody else with the "band fund." Perhaps this is because everyone else in the group is much more financially strapped then I am. It really comes down to what your band is about... if your group is about personal financial gain then you probably chose the wrong business anyway.
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True and it's why I left the originals scene. We do a 4 way split at the end of the night.

It's not a financial gain thing for me, I have corporate salary that pays the mortgage and my real bills. It's a matter of principal.

I have to many years and to much invested in the craft not to be paid like any other business.
 
#44
Since we went to a LLC for the band, this is pretty easy. The band buys and pays for everything the band needs. We pay our taxes based on a K-1 form done by a CPA. I would rather the band pay for the bands needs and then I don't have to worry about things like getting paid $75 for a gig, but having to pay my gas, dinner, drinks and whatnot for the evening. This way, the band pays for everything and I get to play and have a good time.
 
#45
bluewine said:
True and it's why I left the originals scene. We do a 4 way split at the end of the night.

It's not a financial gain thing for me, I have corporate salary that pays the mortgage and my real bills. It's a matter of principal.

I have to many years and to much invested in the craft not to be paid like any other business.
Click to expand...


Fair enough. I just wish that more club owners would pony up a little more cash on the principle of time and energy spent to bring a quality, original product to their venue. Instead we usually get the shaft and splitting up our money at the end of the night is more of a joke than a thought.
 
#46
evilmutantducks said:
Fair enough. I just wish that more club owners would pony up a little more cash on the principle of time and energy spent to bring a quality, original product to their venue. Instead we usually get the shaft and splitting up our money at the end of the night is more of a joke than a thought.
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I was there for 2 years. I'm just too old for the originals scene.

If your young & attractive anything can happen.
 
#47
Febs said:
Our band is organized as a Pennsylvania S corporation. We have a bank account for band-related expenses, out of which we pay:
-performances fees to our musicians/sound people;
-rehearsal space rent;
-web hosting fees;
-costs associated with our band's telephone/voicemail line;
-insurance;
-costs associated with acquiring charts;
-office supplies;
-accountant's fees;
-other duly approved expenses.

Writing checks out of the band account requires two signatures. There are four people (the three band shareholders, plus our treasurer) who have signature authority. All of our records are maintained by our treasurer in Quickbooks, and available for review if there are ever any questions about where money has gone. I get periodic summary reports on where we stand.

In other words, it's a business, and therefore, we treat it like one.
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This is the way to do it if you are working band.
 
#49
bluewine said:
How do some of you feel about the "band fund".

Personally, I had a bad experience with this fund, basically due to mis-managed or poorly managed band fund.

If the band needs money, for whatever, I would prefer to pay it out of my pocket. Just tell me what it's for, how much and when do you need the money.

I don't want band fund $s coming out of my gig split.

blue
Click to expand...

They're great for up-and-coming bands who plan on being together for a while. Then again...I lost a couple hundred bucks I earned doing shows that went to "the band fund" when they decided to kick me out because "they wanted to go in a different direction with the bass playing". So of course, since I agreed that everything we got paid for doing shows went to the fund, I got squat when they ousted me. I swore off band funds ever since.

My advice, steer clear. Unless you can draw up a contract that provides you with your fair share of the funds if you quit or were kicked out or whatever; and also to LIMIT WHO HAS ACCESS TO THE FUNDS! The old band's singer's ol' lady was able to withdraw money "on behalf of the band". That's pretty obviously a big NO-NO. But I've also heard of issues where someone was doing the whole "One for you and two for me" when dealing with the funds and somehow always had money for dope AND rent even though he was jobless. So I would just divide it up, on site, and always bring a couple singles and some fives for that moment when the leader goes "oh, I only have five $20's to divide between four people"! It never fails and unless you're the guy ending up with the little something-something extra then you're getting screwed.
 
#50
I am ok with it in my current band. All have been long time friends since elementry school. (25 now) and the drummer is my older brother. No worries there, we already had a PA. In the beginning most money was just split between us that we all spent on upgrading gear. Recently has all been towards studio time, mastering, cd artwork, and replication(this all took a lot of $$$). After another show or two all of that will be taken care of and we can go back to spliting money = new bass for me
 
#51
Some background on my band:

With the exception of the singer, we are all in high school. Guitarist has a steady job. Singer is 20, lives with his parents, and works multiple jobs.


We have made about $1700 or $1800 since our first gig in July. We have each seen maybe $100 of that. Afterwards, we decided to make a mutual band fund. Since then, almost all of the money we make has gone in that fund.

The singer is very strapped for cash and drives a 2 hour round trip to practices, plus a good distance for gigs. He fronts it when he can, but we'll give him a $20 now and then to help with the gas. He took $20 out one week for an oil change and put $40 in the next.

After each gig, we are allowed to keep our cut of the money or donate it to the band... probably 85-90% of the time, everybody donates their money. We also put in a couple bills here, some loose change there, etc.

So far we have paid for a $500 recording session, have another one blocked off, bought 2 sets of T shirts, bought some loose cables and tuners, and are about to buy a wireless system for me and the singer. Also pays for the occasional band food, gas, casters for amps, etc. Usually we pay for strings on our own, but made an exception when going in to record our songs.


For a bunch of teenagers with very little financial security/income, I say it works well for us. We conquer so much more as a team than individually. I realize this is not the case for everybody.


Also, splitting $80 5 ways is bad for the soul...
 
#52
oniman7 said:
Some background on my band:

With the exception of the singer, we are all in high school. Guitarist has a steady job. Singer is 20, lives with his parents, and works multiple jobs.

We have made about $1700 or $1800 since our first gig in July. We have each seen maybe $100 of that. Afterwards, we decided to make a mutual band fund. Since then, almost all of the money we make has gone in that fund.

The singer is very strapped for cash and drives a 2 hour round trip to practices, plus a good distance for gigs. He fronts it when he can, but we'll give him a $20 now and then to help with the gas. He took $20 out one week for an oil change and put $40 in the next.

After each gig, we are allowed to keep our cut of the money or donate it to the band... probably 85-90% of the time, everybody donates their money. We also put in a couple bills here, some loose change there, etc.

So far we have paid for a $500 recording session, have another one blocked off, bought 2 sets of T shirts, bought some loose cables and tuners, and are about to buy a wireless system for me and the singer. Also pays for the occasional band food, gas, casters for amps, etc. Usually we pay for strings on our own, but made an exception when going in to record our songs.

For a bunch of teenagers with very little financial security/income, I say it works well for us. We conquer so much more as a team than individually. I realize this is not the case for everybody.

Also, splitting $80 5 ways is bad for the soul...
Click to expand...

Your young and some of you guys are in HS, your at that age when anything can happen.

If your any good you might get lucky. Your already making more money than a lot of local bands

It's cool that your not giving your talent and hard work away. Your getting paid.

In your scenario I think your band fund is ok.
 

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