I agree with all the posts. I am currently a treasurer of a PTO for 2nd year running. The first year I butt heads with many people because I wanted the chairpeople to do a count and turn it in with any money-showing checks total and cash total. They did not feel it was their responsibility. I told them it was a way for me to find any discrepancies in the money and a way to manage our audit. You would be surprised how many are out there that don't see this need. It has gotten better this year, but I still have challenges getting people to even turn in receipts for items they want to be reimbursed for...
It is always a good idea to have written money procedures for each school.
All board members should have a copy of it and it should be adhered to- no matter what. This is for everybody's protection.
I advocate always counting money in the presence of others.Never count money alone, no matter how small the amount.
Money never leaves the school- except to go to the bank.
Checks are immediately endorsed with the stamp, and are depositied within 48 hours of receipt if possible. If not- no later than 5 business days after reciept.
If possible a receipt is given to all those sending in money. Certainly if large donations are received.
There should be at least 2 people always counting the money. And both sign off on the receipt. In the case of large amounts of cash- a third person is suggested to counter count the amount.
All initial their own adding machine receipt, all intial and sign the deposit slip, and 2 people go to the bank for the deposit.
NO large amounts of cash are left at school longer than overnight (your standing rules can help you define large amount).
The biggest thing to remember is - it is not your money (i.e. the board's) it is the membership's money and as such needs to be treated with respect and carefully accounted for.
Unfortunately- this seems to be a place where some groups fail to follow all of the rules. Sometimes it may seem easy to cut corners. But that is where problems can occur.
BY making sure everyone knows the procedures and follows them the membership knows their money is in responsible hands.
For most of our money counting we have at least 2 people count and another person be the one taking the deposit to the bank. The counters have to match with their figures and sign on their counting sheets. The deposit figure also has to match. Often our counters are NOT the treasurer or anyone else authorized to sign on the account.
I agree that everything needs to be double counted. But, maybe she was just nervous about that large a sum & felt she like she couldn't let it out of her sight. I know it would make me nervous!!
in addition, procdures, or lack of them, like that, is what makes for possible loss of trust among the parent body.
good sound fiscal policies breed good relations and confidence in those that contribute to the pot, that theire money is well managed, and in the end, that helps the group increase their revenues even more.
We also have a 2 signature rule so that one counts and the other confirms...it is noted on a sheet and then kept for our audit. I also have electronic access to the account so I can look at the deposits and when they are made. The audit works well to discern any issues that come up like this...but 2 person rule is always the best...d
