AVOIDSCHOOL THEFT

A Presentation from Believe Kids Fundraising.By Jay Moneta and Hunter Thomson

PART 1.

AVOIDSCHOOL THEFT

Keep track of moneyIt's no secret that schools and parent groups handle large amounts of money on a regular basis. Any group that deals with money needs to take steps to prevent theft, no matter how small the group is. Every year, new stories emerge where parent groups who have fallen victim to fraud, embezzlement and theft.

Why? Because theft most commonly happens when need meets opportunity. The easiest way to protect your organization from falling victim to theft is to take away opportunity.

The following outline steps you can take today to protect your school from theft.

1.

PART 1.

AVOIDSCHOOL THEFT

1. Hold an annual AuditAuditing money yearly lets everyone know that all money must be accounted for. It is also a good idea to do an audit every time officers who handle money take office, especially the treasurer.

2.

AVOIDSCHOOL THEFT

2. Require multiple signaturesHave 2 signatures on all PTA checks. Have at least 3 signatories on the PTA account who are not related and not employees of the school.

Having 2 or more signatures on a check creates a checks and balances system that will ensure accountability between the two people responsible for the checks.

3.

AVOIDSCHOOL THEFT

3. Take out bonding insuranceA fidelity bond policy will protect the cash of the parent group against theft. Anyone in the parent group who has access to or handles money should be covered under the policy.

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AVOIDSCHOOL THEFT

4. Review statements each monthReview bank statements and check records each month. A member of the parent group who is not directly involved with the handling of the money should do the reviews each month.

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AVOIDSCHOOL THEFT

5. Verify wire transfersDo not let wire transfers go un-noticed. Make sure there is documented paperwork and explanations for the reasons of wire transfers, then verify the source.

With respect to subscription-based debits that are recurring, verify that the payments relate to valid accounts that are being utilized. A periodic review of ongoing billing may turn up accounts or services that are not being used.

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AVOIDSCHOOL THEFT

6. Verify Cash logsAlways provide receipts along with bank deposit slips. By keeping all receipts and bank deposit slips, you will be able to verify exactly where the money is going and how it is being used.

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AVOIDSCHOOL THEFT

7. Make bank deposits the same day

8. Appoint 2 people to count money

Holding on to deposits for a long period of time creates more opportunity for theft.

Create a "funds received" form and have two people count and verify the money then sign their names on the form.

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AVOIDSCHOOL THEFT

9. Review accounts regularlyReview the accounts payable, vendor, and donation lists to check for suspicious names or businesses. Do this at the same time you hold your monthly reviews.

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AVOIDSCHOOL THEFT

10.Protect checksKeep all checks in a secure area, preferably a locked box. Do not just leave checks or cash lying around. Have a designated, secure place where you can keep them before you deposit them.

10.This presentation is continued in Part 2.

AVOIDSCHOOL THEFTA Presentation from Believe Kids Fundraising.By Jay Moneta and Hunter Thomson© 2011 Believe Kids Fundraisingwww.BelieveKids.com PART 1.