Items Reviewed:

  1. Citizens bank Business Partner Checking III account statements (Dec ’09-Dec ’10)

This is the main banks account through which a majority of the organizations transactions flow.

  1. Citizens bank Business Partner Money Market account statements (Dec ’09-Dec ’10)

This account is used primarily to transfer funds in and out of the checking account.

  1. Citizens Banks Business Green Checking/Debit Card account statements (Dec ’09-Dec ’10)

This account is primarily funded through transfers from the checking account. The account is accessed using a MAC/VISA card when necessary i.e. online purchases. The card is held by the President of the BYSA.

  1. BYSA Checkbook

  2. Citizens Bank Online (Aug ’10-Dec’10)

  3. BYSA Monthly Financial Reports (May ’10-Dec ’10)

  4. Blue Sombrero invoice reports

Review Process:

  • Conducted interviews with the BYSA President, Vice-President, Registrar and Treasurer about processes involving the Organization’s cash, bank accounts, registrations and fund raising.

  • Reviewed payees and amounts on a majority of checks.

  • Compared amounts on check stubs to amounts from the banks statements.

  • Verified check payees and check amounts using the Citizens Bank Online website.

  • Deposits related to fundraisers were checked for reasonableness.

  • Spot checked Revenue & Expense line items from Monthly Financial Statements.

  • Reviewed Blue Sombrero invoice report items to amounts in checkbook, bank statements and financial reports.

Controls in Place:

  • All checks require signatures from two officers.

  • Registration revenue is received either online or via checks made payable to BYSA.

  • The concession stand purchases are submitted by and picked up by separate Board Members.

  • Weekly concession stand revenue is counted by and deposited by separate members.

  • A Board Member is present in the concession stand whenever possible.

  • Fundraiser revenue is collected by coaches and consolidated by the fundraising committee.


During the review of the items that were submitted, there were no fraudulent items found. There is not a monthly reconciliation of the checkbook to the bank statements made. A lack of volunteers makes it difficult to maintain complete separation of duties and double checks.


  • Receipts should be kept for larger purchases including online purchases and Sam’s club orders.

  • A second Board Member should be present when the fundraiser money is counted.

  • Going forward, the checkbook should be reconciled to the banks statements on a monthly basis.


Mark Schwerin

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