Creating a New Organization
- Questions to Answer Before You Commit
- Creating Your Own Identity Overview
- Life Cycle of a Public Charity
- Incorporation of a Non-Profit Organization
Following the Rules
- Authoritative Guidelines Overview
- District Board Policy GE (Local)
- University Interscholastic League (UIL) Booster Club Guidelines
- UIL Brochure
- State Regulatory Information
- Federal Regulatory Information
Taking Care of Business
- Accounting Procedures
- Bank Accounts
- Receiving Contributions / Donations
- Giving Contributions/Donations
- Facilities Use/Rental
- Financial Aid Guidelines
- Fund-Raising for Individuals or Families
- Mailing Address
- Membership Dues
- Money Handling Procedures
- Paying and Reporting of Workers (District Employees or Others)
- Record Retention
- Sales Tax
- Student Fines and Fees List
- Treasurer's Report
Money Handling Procedures
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 immediately.
- 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
b) Recording and Depositing Money
- Prior to depositing money, at least two people should count the money.
- 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 and deposited.
- Money received should only be deposited in the Booster Club’s account(s).
- 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 times.
- "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.
Last Modified on March 3, 2021