Tournament Payout

[finegrade]

Would like some input on what the protocol is for tournament payouts. With four guys fishing how does the payout get split? Does the boat split the purse and then the rest get divided? There are no paid mates or captain just the boat owner and his three buddies.

[joeksr]

Private boat the protocol is what you make it. On my boat
any cash winnings first pay expenses then we split the rest.
Trophys, gear etc. winnings belong to the boat.
At least thats what we would do if we won .

[Double D]

It's whatever you AGREE UPON IN ADVANCE. Putting it in writing is not a bad idea.

Without a paid Capt and mate, many crews will divide the booty by however many people are kicking in for expenses, plus a share for the boat. So in your case with 4 guys, the payout would be divided by 5

[capt. jakeg]

Depends 100% on what the pre tournament agreement is. Technically if you make no agreement, the person on the entry form gets it all and can distribute the money however he feels. Normally, most boats in a tournament will have the crew split the money with the boat taking some sort of percentage. The way I do tournaments is my charter pays entry into the tournament plus a reduced rate for the boat for however many days of fishing. If we win anything, I take my charter money plus 33% of the winnings. I pay the mate out of this money and the crew also tips him. The other 67% of the money is split however they have decided to split it. This is not what all boats do, just what I do.

[joeksr]

I can see a share for the boat (Private) if no one else fishing has a boat. I used to fish with the same guys in tournaments and we all had boats capable of being fished.
Share for the boat never came up.

[finegrade]

What about the 1099?

[Double D]

The larger tournies will break up the payout as directed by the responsible party

[paraman]

If you get involved with fishing tourny's and make a agreement to split expenses make sure you consider all aspecs of the expenses and always remember your time is money. Do not!!!! allow someone to pull taxes out of the shares to be given to team members unless the team leader/owner has a business and can give you a 1099 at the end of the year and you (team member) can write off your expenses. Other than that, the money can be given as a gift to the team members as long as it is below 10,000 and the team leader/owner can declare all expenses to offset all gains.
paraman

[alex n]

Take all expenses off of the top,and divide, however divide by one more "person " that would be the boat ,the boat should get a share. When one of those big twin diesels need an overhaul, your friends usually don't pitch in. If your lucky enough to finish in the money , the boat deserves a share , most times you don't and the owner pays those other "little" things.

[paraman]

You are not considering Taxes and the IRS. If you take expenses off the top then it has to be agreed that the money that goes to the team members is a gift and the owner gets all the write offs. I am just finishing up finalizing our taxes and the accountant freaked out when we said the team captain took 19% out for taxes as well as all expenses and he does not have a business and could not give us a 1099. Long story short, the money then was gifted. Bear in mind, you have to legally declare all moneys above 600 and It was thousands we are speaking about and I declare all money because I do have a business which I can write off against. I also as well spent many hours helping with boat repairs, gel-coat work, bottom painting, etc on all my friends boats that I fish with at my expense.
paraman

Take all expenses off of the top,and divide, however divide by one more "person " that would be the boat ,the boat should get a share. When one of those big twin diesels need an overhaul, your friends usually don't pitch in. If your lucky enough to finish in the money , the boat deserves a share , most times you don't and the owner pays those other "little" things.