Financial Guidelines for Fund Raising Groups

The following is a financial guide for Principals to assist Booster Clubs, PTAs

and other fund raising groups in their financial activities.

 

 

Make sure your Fund Raising Group:

1. Develops a Budget
• The budget shall include estimated income and expenses for the year.  The budget is presented to the club members for approval and is the foundation for ongoing financial reports.
• Sample budget is posted on www.iusd.org
2. Authorizes Expenses
• Bills shall be presented at club meetings for payment authorization by club officers
3. Deposit Money Appropriately
• Deposit money in the bank as soon as possible
• Two people shall count money and both shall sign a cash verification form.
• Money shall not be deposited in a personal account
• Detailed deposit guidelines are posted on www.iusd.org
4. Reconciles Bank Statements
• Monthly bank statements should be reconciled by a club officer that does not sign checks.  Reconciliation procedures are available at www.iusd.org
5. Requires Two Signatures on Checks
• Officers approved to sign checks shall have signature cards on file at the bank.
• Do not sign blank checks
• Do not make checks out to “cash”
• Use a check register or business style check stub when writing checks
6. Completes a Year-end Financial Report
• Officers approve a year-end report and submit it to the principal
• Those managing the money shall not complete the year-end report
• A sample year-end financial report is available at:  Sample Financial Report
7. Does Not Mix Club Money with ASB and/or District Money
8. Is Alert for Signs of Mismanagement
• Lack of receipts and/or regular treasurer reports
• Payments made in cash rather than by check
• Missed meetings and unanswered phone calls by club members in charge of money
• Lower than projected revenues from fund raisers
• Volunteers who prefer to handle money without the assistance of others

 

 

Submitted by:  IUSD Business & Fiscal Services

Revision:  11/00/2004/VM/jkm