Embezzlment question

[benrp]

I live in Australia and am particapating in an F1 in schools competition. The team requires sponcers but if we have left over money afterwards is it legal to split the money amounst all group members?

[sara3]

this is a UK site, and you'd do better asking someone from your country.

however, morally.. this sounds wrong to me!

[sara3]

actually, calling this "embezzlement question" seems a bit odd!

[benrp]

Well I don't actually think it is embezzlment but some people I've spoken to think so. I know embezlement is basicly taking money that isn't yours but you are trusted with but the way I see it it is ours as the sponcers are basicly buying advertising space. Although not morally right I am curious to whether there is actually a law against it. I have asked it on local websites before and got mixed to no responces so deided to ask about as I think these kind of laws would be fairly simlular.

[benrp]

Well its not a fundraiser or anything. The program is taught in school but the competition is international and starts with regonals and progresses to a global leval with the prizes increasing as you progress through the stages.

[benrp]

By the way basicly you design small scale F1 cars catia software and then race them.

[redcrx]

If i were a sponsor then i would hope that should any money be left that it would benefit any future classes studying the same thing

[benrp]

The subject itself is computer based and doesn't really need funding but I may give it to the teachers that really do put lot into it but if it is againt the law to use it for anything other than the competition I may not be able. I don't think there would be much money anyway so spliting it would be hard, basiclly I just want to be clear of if there are any laws regarding this.

[cassa333]

The sponsors or yourselves should have had some sort of contract or agreement on what happens with the money including any residue.

Go back to them and explain what has happened with a brief outline of the accounts for the project and ask them what they want to do with the leftover money. You could make a suggestion of it being given to the next project, a trip to see real F1 cars in action (to enhance the project of course) or a related charity.

They will probably appreciate your honesty and be more inclined to sponsor in the future.