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Escrow Account Info

Swim Meet Escrow Account Basic Information

·         Each family is required to have a Swim Meet Escrow Account for the 2017-2018 season.

·         The Swim Meet Escrow Account is an account for each family that holds a deposit used only to pay for swim meet fees.

·         The Swim Meet Escrow Account requires an upfront family deposit based on their most advanced swimmer’s group level.

·         The money in the account will only be used to cover the costs of entering swimmers into meets for the 2017-2018 year.

 

Why are we using an escrow account for this?

It is a fundamental philosophy of the team that performing in a competitive situation is one of the best ways to motivate and challenge the swimmers in a fun, positive manner. The coaches would like the meets to be a healthy part of each swimmer’s experience with Wave and they use this opportunity to provide race-specific coaching in this unique environment.

 

Swim Meet Escrow Account Tiers

Tier 1 is for swimmers in Explore 1 & 2 and Challenge 1. Swimmers in these groups should be aiming to attend 9 meets throughout the course of the year (September through August)

 

Tier 2 is for swimmers in Challenge 2, Achieve 1 & 2

Swimmers in these groups should be aiming to attend 9-12 meets throughout the course of the year (September through August).

 

Tier 3 is for athletes in Excel, Varsity, Perform and HP

 

 

 

Athletes starting September-December

Athletes starting January-March

Athletes starting April-May

Athletes starting June-July

 
 
 

Tier 1

$100

$65

$40

Bill by Meet

Explore 1 & 2, Challenge 1

Tier 2

$150

$95

$60

Bill by Meet

Challenge 2, Achieve 1 & 2

Tier 3

$200

$125

$75

Bill by Meet

Excel, Varsity, Perform, HP

 

 

The Meet Schedule is arranged by practice groups. The coaches commit all athletes within a practice group to attend each meet listed for that group. Families must de-commit from each meet by the stated deadline. You can see the Meet Schedule HERE

 

Invoicing

The amount to be set aside in Swim Meet Escrow Account will be billed on the 1st of the month following registration. For example, annual swimmers registering in July will be invoiced for the Swim Meet Escrow account on August 1st. The dollar amount per family will be determined using the schedule above.  Statements of the balance in the Swim Meet Escrow Account are available upon request.

 

Commonly asked questions:

How much does it cost to enter a meet?

It varies from meet to meet; however, the regular ‘Challenge’ meets have a $10 meet entry fee and $4 per event fee.  So entering in 6 events will cost $34.  At that rate, a younger swimmer will burn down their meet escrow in 3 meets, an older swimmer in 6 meets.

 

How many meets does a WAVE swimmer enter per year?

It depends on the level of your swimmer: there are as many as 10-15 meets per year.  An active swimmer will burn down their meet escrow well before Spring Break.

 

What happens if we leave the team or take an extended break in middle of the year? 

If there is money remaining in the meet escrow account the number of months your swimmer has been a member of team will be used to determine if you are eligible for a credit.

 

What happens if the cost of the meets exceeds the dollar amount in the escrow account?

Meet fees in excess of the amount set aside in the escrow account will be billed on your monthly invoice, along with training fees, etc.

 

What happens to the account at the end of the year if all of the money in the account is not used; is it refunded or rolled over into the next year?

Any dollar amount still in the account at the end of the year is added to the team’s general operating fund. The money in the account is only to be used for meets during the 2017/2018 year.