2010 BYSA FINANCIAL REVIEW
Items Reviewed:
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.
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.
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.
BYSA Checkbook
Citizens Bank Online (Aug ’10-Dec’10)
BYSA Monthly Financial Reports (May ’10-Dec ’10)
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.
Results/Findings:
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.
Recommendations:
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.
Sincerely,
Mark Schwerin