MASBO September 12, 2013 CASH HANDLING Student Activity Funds, Field Trips, & Athletics Melanson Heath and Company, P.C. Certified Public Accountants Management

Melanson Heath & Company, PC

MASBOMASBOSeptember 12, 2013September 12, 2013

CASH HANDLINGCASH HANDLING

Student Activity Funds, Field Trips, & AthleticsStudent Activity Funds, Field Trips, & Athletics

Melanson Heath and Company, P.C.Melanson Heath and Company, P.C.

Certified Public AccountantsCertified Public Accountants

Management ConsultantsManagement Consultants

Sheryl Stephens Burke, CPA, MSTSheryl Stephens Burke, CPA, MST

Sara CorduckSara Corduck


Chapter 71, Section 47Chapter 71, Section 47

““The School Committee of a city, town The School Committee of a city, town or district may authorize a school or district may authorize a school principal to receive money in principal to receive money in connection with the conduct of certain connection with the conduct of certain student activities”student activities”

““To deposit such money, with the To deposit such money, with the municipal or regional school district municipal or regional school district treasurer”treasurer”


Internal Control - ReceiptsInternal Control - Receipts

Vulnerable to LossVulnerable to Loss

Evidence of receiptEvidence of receipt

Audit trail from collection to Audit trail from collection to

depositdeposit


Evidence of ReceiptEvidence of Receipt

Receipt bookReceipt book

Pre-numbered ticketsPre-numbered tickets

Attendance rosterAttendance roster

Other methodsOther methods


Receipt BookReceipt Book

Practical for type of receiptPractical for type of receipt

Multiple copies of receipt slipMultiple copies of receipt slip

Retain one copyRetain one copy

Tie batch of receipts to turnoverTie batch of receipts to turnover



Pre-numbered TicketsPre-numbered Tickets

Practical for type of receiptPractical for type of receipt Multiple admission pricesMultiple admission prices Complimentary ticketsComplimentary tickets Controls over admissionControls over admission Reconciling ticket numbersReconciling ticket numbers Documenting reconciliationDocumenting reconciliation


Ticket Reconciliation FormTicket Reconciliation Form


Attendance RosterAttendance Roster

Athletic participation feesAthletic participation fees

Class tripsClass trips


Athletic Participation FeesAthletic Participation Fees Charge to students participating in Charge to students participating in

team sportsteam sports ComplicationsComplications

Multiple sportsMultiple sports Multiple family membersMultiple family members

Copy of roster becomes accountingCopy of roster becomes accounting Tie entries on roster to turnoverTie entries on roster to turnover SoftwareSoftware


Class TripsClass Trips

Same roster method as athleticsSame roster method as athletics

Reconcile receipts to costsReconcile receipts to costs



Other ReceiptsOther Receipts

Collections too small for receipt slipsCollections too small for receipt slips Ticket sales too cumbersome or Ticket sales too cumbersome or

ineffectiveineffective No registration or rosterNo registration or roster Two people count the cashTwo people count the cash

Retain documentationRetain documentation Sealed containersSealed containers



Audit TrailAudit Trail

Retain evidence of receiptRetain evidence of receipt Turnover cash (obtain verified receipt)Turnover cash (obtain verified receipt) Who does money go to?Who does money go to?

Centralized collection and depositCentralized collection and deposit Faculty advisor sign offFaculty advisor sign off Faculty sign off of activity balancesFaculty sign off of activity balances



Perception of Perception of DetectionDetection

Take concerns Take concerns seriouslyseriously

Verify faculty advisor Verify faculty advisor receipts to turnoverreceipts to turnover

Verify turnovers to Verify turnovers to depositsdeposits

Verify activity balances Verify activity balances with faculty advisorswith faculty advisors

Enforce policiesEnforce policies Annual auditsAnnual audits

Documents

MASBO September 12, 2013 CASH HANDLING Student Activity Funds, Field Trips, & Athletics Melanson Heath and Company, P.C. Certified Public Accountants Management