Money refers to cash, checks, money orders, or cashier’s
checks. The following are suggestions related to handling
money to assist in ensuring proper accountability.
a) Receiving Money
- The person receiving the money while in the presence
of the person turning in the money should count
all money received.
- The person receiving the money should give a receipt
to the person delivering the money (both parties should
retain their copy of the receipt).
- Any checks received should be restrictively endorsed
- Post-dated checks should not be accepted
from any source.
- Receipts should indicate whether cash, check, money order,
or cashier's check was received; date of the receipt; and
signature of person receiving the money.
If a money order or cashier's check is received, the receipt
should indicate the total check amount; brand name of the
money order or the issuing bank's name of the cashier's
check; and the complete check or money order number.
If a copy of the money order or cashier's check is made,
the inclusion of this additional information on the receipt
is not necessary.
Copies or a list of checks, money orders,
and cashier's checks received should be made to assist in
recovery of money if these items are lost, stolen, or returned
due to insufficient funds.
b) Recording and Depositing Money
- Prior to depositing money, at least two people should count
- All money should be delivered to the Booster Club Treasurer
to deposit funds daily.
- Cash should not be maintained at a member’s home.
- Receipts should be reconciled with all money turned in
- Money received should only be deposited in the Booster
- Deposit slips should be retained and reconciled monthly
to the account.
c) Disbursing Money
- Require two signatures on each check.
- Do NOT sign blank checks.
d) Safeguarding Money
- Have people that handle money bonded. This protects against
embezzlement, but not theft.
- Do not keep any money in an unlocked drawer, unlocked filing
cabinet, vehicle, or other unsecured place.
- Do not store the records of the money received (i.e., receipts,
copies of checks) in the same place as the money. If records
and money are stored together and a theft occurs, the record
of the money may be taken along with the money. Subsequently,
determination and recovery of losses would be more difficult.
- Money received and not yet deposited should not be used
for purchases, check cashing, loans, advances, reimbursements,
or for any other purpose.
- All unused checks should be kept safe and secure at all
- "Blank" checks should never be issued and checks
should never be pre-signed.
- The sequence of check numbers should be accounted for when
reconciling the bank statement to the Booster Club's books.
- Issuing checks payable to "Cash" or to
the "Sponsor" should be avoided. The IRS
may examine these transactions in more detail than other transactions.
If a check must be payable to "Cash" or to the "Sponsor,"
keep detailed documentation of the expense or use of the funds.