Finances... (Page 1 of 2)

We had five guys and split everything including the cost of the car. I kept track of our expenses and everytime a part was needed, we each took turns buying it.

We've got a spread sheet!

Thats our plan.......works so far...about the only "variable" is the value of labor working on the car.....

We all work on the car.  Andy stores it, Chris researches (and buys) the best fixes, and I throw money at obvious problems.  Mike ends up contributing in convenient but unexpected ways.

Then Chris makes a spreadsheet and it all works out.  So far, the guys owe me some fairly serious money, but I have enough credit that I don't mind.  And in prior races, I've owed serious money.  It all works out.

In previous races, we've rotated captaincy, chief-payee-in-charge-of-seat, roll-cage captain, etc to keep costs even.  But I have to say, the spreadsheet works the best.  It doesn't judge, it doesn't push, it just makes the obvious obvious.  The main thing is communication.  We might owe money to co-racers from a 2009 race... but we're not sure because 1) we don't know how much the rebuilt engine cost and 2) we paid their entrance fees.  Could #1 outweigh #2? Sure!  Will we ever know?  No.  Not unless they tel us.  Grr!

Me too.  Makes me feel dirty for some reason. 

I'm trying to equitably distribute the responsibility and the parties are willing, but it's hard to figure out what people should contribute.  This time we have one person who owns the car, one person who has the shop and does the majority of skilled labor, one guy who's arriving-and-driving...and well let's face it, I'm just the guy with the truck.  It's difficult to place a value on loaning the team the car, the labor that was put in, etc.  I try not to worry about it, but I also don't want to get taken advantage of and this shiz is expensive.

I 've build 3 cars and ran some 7 races.
If you can do a lot of work yourself that saves a lot .

I get $600 a person to race and run 4 drivers .

Your first time you build car get 6 drivers is the most money you'll spend
due to car purchase $500
,roll cage plus seat and harness $1200 
Entry $1200
tires $250
tune up on car and preventative maintenance $200 or less Optional .
brakes and cooling system give that some attetion and change all fluids
fuel for car my 4cyl hondas use 40 gallons for the 2 cars $120
The size matters 69 car used like 140 gallons for a race  OUCH
transport of car there and fuel for race . WHere is track ???

I make all the drivers worry about where to stay un less you can borrow motorhome more fuel
there hitels add upp

If you got to buy Raceing gear that anpther $500 a driver but that there expense so firts race each guy would be in $1100

But second race of car you won't have to shell out the $1200 for cage and safety but other repairs could happen I went 3 races on same brakes and 2 races on one set of tires .

Everyone gives the Financial Czar $500. He then pays you back if you have a receipt. When the money runs out we all kick in another $500. You can only spend money if the Car Czar approves of it. If the Car Czar hasn't approved the purchase of a part - Tough Sh*t. You ain't getting paid.

Richard Newton
http://www.racecars360.com/Intervention … Links.html

i own it out right and charge 500 a race for fees and car rental.  All the other guys have to do is show up and race.  take a lot of the stress out of it, which money seems to bring to things.

Yeah, spreadsheet FTW.
I own the car, everybody has worked on it at some point (helps to have journeymen mechanics on the team).

I get a deposit before the event and divvy up expenses at the end of the race, so far its worked pretty good, of course as car owner I've spent the most but it's ok.

For my cars, I bought them and own them but we split preparation costs evenly, and everyone must have wrench time, significant wrench time.  I already paid for the cages/seats/belts previously, so their still my cars when the race is done. 

We have yet to be able to race a car twice without significant repair work afterwards.  Don't plan on getting 2-3 races from one prep.  If it happens, you got really lucky.

Our team opened a joint checking account.  We all got debit cards.  We all deposit the same amount at the same time. 

Whenever we have a car-related expense (whether it's parts, or gas, or hotel) we use the "car" card.

Therefor everything is ALWAYS 100% even.  No spreadsheets needed.

I've done "shared-expense" projects before, and the accounting needed to make sure everyone is even is a nightmare - when person A bought a part worth X amount, and person B bought a part worth Y amount, and person C bought a part worth Z amount, and  person D bought a part worth W amount, and on and on and on... 

The joint account with equal contributions is the way to go, HIGHLY recommended.

We only split consumables: tires, brake pads, fuel.  Everyone works on the car.  The car is nice for a lemon, so I intend to use it for some HPDEs if it holds out.