Whether it is to send the cheerleaders to the nationals or to buy much needed school supplies, your students and volunteers work hard to raise money.
The last thing you want is to explain to your students they can’t go on that trip because someone absconded with the funds both students and staff worked very hard to acquire. Ensuring basic rules and procedures for handling currency are in place will go a long way towards safeguarding those funds.
The last thing you want is for your school group or organization to be victimized by a thief. Think it can’t happen to your group? Well, guess again. Unfortunately, theft from PTOs is more common than we would like to think.
Stealing cash is actually one of the biggest threats to your organization and can jeopardize worthy and fun projects. Encourage volunteer groups to recognize the risks. Help them take steps to prevent theft anytime your organization’s volunteers have access to cash. Having clear policies and procedures in place to guard against theft will greatly reduce that chances your group will be victimized.
Here are four easy steps to reduce the chance of theft in your fundraising drive.
- Delegate the task of handling money to at least two people. Sadly there are too many real-life cases where the treasurer or president of the PTO has embezzled money. Set up a finance committee to oversee fundraising. It’s also a good idea to conduct annual audits, which can catch irregularities early on. According to the Association of Certified Fraud Examiners, the average embezzlement scheme lasts 18 months before it is detected.
- Don’t leave anyone alone with cash. Even if you think they are the sweetest, most honest and trustworthy person in the world, cash is very tempting. Keep in mind the typical embezzler is a first-time offender.
Require two signatures on checks. For example, the treasurer and the president should sign off on every check.- Have strict rules for handling cash. Don’t let volunteers take money home or leave currency overnight at the school. Always secure cash in a safe location. Require that the person who counted the cash sign his or her name to a document stating the total amount of cash collected.