The purpose of the Scout Account is to give a Scout the ability to decide for himself how the money he helps raise is used, and also to impart some degree of financial planning and responsibility to each Scout.
For every Scout that enters the troop, a separate account is set up in his name, into which goes a percentage of the funds raised by that Scout. The "percentage" is typically 25% of the amount raised by the Scout, although the troop committee may determine this amount for each fund raiser, as the needs and goals of the troop change over time. When a fund raiser is run by a group of Scouts in common, there may be no fair way to determine that one has earned more than another. In this case, the percentage allotted to the Scout Account will be distributed evenly across the accounts of each participating Scout.
Money in a Scout's Scout Account still belongs to the troop, although each Scout may use his allotted funds at any time under the following conditions:
The money may be used towards payment of a Scouting event...either a troop trip, Summer Camp, or other Boy Scout council or national event.
The money can be used towards the purchase of Scouting supplies, such as a uniform, Scout Handbook, merit badge books, or other BSA literature.
The money may be used to reimburse the purchase of personal camping equipment to be used in Scouting activities.
The money cannot be used for patch collecting, or for any other item or activity not approved by the Troop Committee.
To use funds in his Scout Account, a Scout must contact the troop Treasurer, or other committee member, and request that some (or all) of his Scout Account money be released, and for what purpose. We have a simple form for this, which requires a parent's signature, to ensure that both Scout and parent are making the request. All requests must be approved by the Troop Committee.
When a Scout leaves or graduates out of the troop (turns 18), any remaining funds in his Scout Account are returned to the troop's general fund. Adult members of Troop 58 (18 and older) will not have Scout Accounts, and Scouts' Scout Accounts will not accrue interest. If a Scout transfers to another troop, the money is his Scout Account is not transferable to another troop's account.
The troop Treasurer, or appointed designee, will be responsible for maintaining an accurate accounting of Scout Account funds, and report to each Scout, at least once a year, on their balances.
(c) 2008 BSA Troop 58. All Rights Reserved