masbo september 12, 2013 cash handling student activity funds, field trips, & athletics melanson...
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Melanson Heath & Company, PC
MASBOMASBOSeptember 12, 2013September 12, 2013
CASH HANDLINGCASH HANDLING
Student Activity Funds, Field Trips, & AthleticsStudent Activity Funds, Field Trips, & Athletics
Melanson Heath and Company, P.C.Melanson Heath and Company, P.C.
Certified Public AccountantsCertified Public Accountants
Management ConsultantsManagement Consultants
Sheryl Stephens Burke, CPA, MSTSheryl Stephens Burke, CPA, MST
Sara CorduckSara Corduck
Melanson Heath & Company, PC
Chapter 71, Section 47Chapter 71, Section 47
““The School Committee of a city, town The School Committee of a city, town or district may authorize a school or district may authorize a school principal to receive money in principal to receive money in connection with the conduct of certain connection with the conduct of certain student activities”student activities”
““To deposit such money, with the To deposit such money, with the municipal or regional school district municipal or regional school district treasurer”treasurer”
Melanson Heath & Company, PC
Internal Control - ReceiptsInternal Control - Receipts
Vulnerable to LossVulnerable to Loss
Evidence of receiptEvidence of receipt
Audit trail from collection to Audit trail from collection to
depositdeposit
Melanson Heath & Company, PC
Evidence of ReceiptEvidence of Receipt
Receipt bookReceipt book
Pre-numbered ticketsPre-numbered tickets
Attendance rosterAttendance roster
Other methodsOther methods
Melanson Heath & Company, PC
Receipt BookReceipt Book
Practical for type of receiptPractical for type of receipt
Multiple copies of receipt slipMultiple copies of receipt slip
Retain one copyRetain one copy
Tie batch of receipts to turnoverTie batch of receipts to turnover
Melanson Heath & Company, PC
Melanson Heath & Company, PC
Pre-numbered TicketsPre-numbered Tickets
Practical for type of receiptPractical for type of receipt Multiple admission pricesMultiple admission prices Complimentary ticketsComplimentary tickets Controls over admissionControls over admission Reconciling ticket numbersReconciling ticket numbers Documenting reconciliationDocumenting reconciliation
Melanson Heath & Company, PC
Ticket Reconciliation FormTicket Reconciliation Form
Melanson Heath & Company, PC
Attendance RosterAttendance Roster
Athletic participation feesAthletic participation fees
Class tripsClass trips
Melanson Heath & Company, PC
Athletic Participation FeesAthletic Participation Fees Charge to students participating in Charge to students participating in
team sportsteam sports ComplicationsComplications
Multiple sportsMultiple sports Multiple family membersMultiple family members
Copy of roster becomes accountingCopy of roster becomes accounting Tie entries on roster to turnoverTie entries on roster to turnover SoftwareSoftware
Melanson Heath & Company, PC
Class TripsClass Trips
Same roster method as athleticsSame roster method as athletics
Reconcile receipts to costsReconcile receipts to costs
Melanson Heath & Company, PC
Melanson Heath & Company, PC
Other ReceiptsOther Receipts
Collections too small for receipt slipsCollections too small for receipt slips Ticket sales too cumbersome or Ticket sales too cumbersome or
ineffectiveineffective No registration or rosterNo registration or roster Two people count the cashTwo people count the cash
Retain documentationRetain documentation Sealed containersSealed containers
Melanson Heath & Company, PC
Melanson Heath & Company, PC
Audit TrailAudit Trail
Retain evidence of receiptRetain evidence of receipt Turnover cash (obtain verified receipt)Turnover cash (obtain verified receipt) Who does money go to?Who does money go to?
Centralized collection and depositCentralized collection and deposit Faculty advisor sign offFaculty advisor sign off Faculty sign off of activity balancesFaculty sign off of activity balances
Melanson Heath & Company, PC
Melanson Heath & Company, PC
Perception of Perception of DetectionDetection
Take concerns Take concerns seriouslyseriously
Verify faculty advisor Verify faculty advisor receipts to turnoverreceipts to turnover
Verify turnovers to Verify turnovers to depositsdeposits
Verify activity balances Verify activity balances with faculty advisorswith faculty advisors
Enforce policiesEnforce policies Annual auditsAnnual audits