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10 Ways to Protect Your Organization Against Embezzlement

Do you know of an organization that has money stolen.  Ball teams, Unions, Band boosters, work place, Church, bank?
Thousands of dollars are lost every year because proper procedures were not put in place.  And yes everyone is honest until.  
They just needed a few dollars till next pay check then they would put it back.  

1. Money should never be kept at a treasurer’s home.
2. Two people should always count the money, and both should sign the receipt verifying the amount.
3. Two signatures should be required on all checks.
4. Have someone who does not have check signing authority review and initial the bank statement monthly before
    giving it to the treasurer. This person is looking for red flags including: checks showing up in non-sequential
    order, checks made out to cash, cash withdrawals, checks written out to non-approved vendors, checks written for
    non-approved expenses, checks written out to individuals.
5. Never sign a blank check or a check made out to “cash.”
6. The treasurer should arrange to deposit the money in the bank as soon after the conclusion of the project as possible.
7. Money should be deposited into the bank account daily, even if a project is ongoing.
8. All bills should be paid by check, never cash.
9. Conduct an annual audit or review of the books.
10. Make sure that you have a Bond policy and make sure to follow the requirements to guarantee coverage.

And the Bonding company does not pay till court proceedings establish fault.  
Do you have an open drawer policy where everyone works out of the same drawer or
have you a cash drawer per employee - daily balanced to the penny.

Call: 740-992-6677     Bill Quickel's - Insurance Plus Agencies Inc.  114 Court St. Pomeroy, Ohio 45769
EMAIL:  
 
Posted 2:05 PM  View Comments

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