Date post: | 02-Jan-2016 |
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This lesson will help you learn best practices for financial management and apply them to the areas of:
Ethical Handling of FundsCollecting Funds Making Purchases Monitoring Financial Activity
Ethics are rules of conduct.
Ethics principles are guidelines that help individuals know what is expected from those handling funds and what is and what is not acceptable.
Ethics are based on the values of the organization.
Lesson 1
Principles should be:simple, understandable, concise and
active.communicated to everyone who
handles or manages funds for the county.
reviewed periodically to identify any adjustments that are needed.
Using ethical standards could result in better community relationships as well as in a higher trust level among those in the organization.
Lesson 1
Training Class FeesNewsletter Subscriptions and Publications
Diagnostic Services: Plants, Soil and Water Testing
Fund RaisingFood and SnacksT-Shirt SalesOther Items
Lesson 2
Cash Receipt Form Pre-Numbered Date of Payment Payee Amount Method of Payment Program (Purpose) Cashier’s Name
Lesson 2
Designate Custodian (different than the person who collected funds)
Make Timely Deposits
Administrative Verification
Lesson 2
Not depositing funds intact Paying expenses out of collections before the funds are deposited Mixing change funds with revenue No designated custodian Not depositing funds timely Deposits not independently verified
◦ Cash receipts not pre-numbered◦ Cash receipts not used in numerical order◦ No supporting records necessary to facilitate
verification
Lesson 2
Received in good condition Billed to appropriate unit Original invoice Fair price Math is correct Signature of employee Pre-approval (if required) Tax exempt
Lesson 3
Voucher Invoice or receiptAdministrative approvalProper # of signaturesDo not pre-sign checksNo food or alcoholNot made out to “cash”
Lesson 3
No food or alcohol
Only card-holder or card-holder approval
Submit receipts in timely fashion
Lesson 3
To employees or pay registration, airline tickets, etc. directly
Approval of administrator
Employee submits receipts within a few days after returning
Administrater verifies advances in a timely manner
Lesson 3
Pre-sign checks
Making checks payable to cash
Not independently monitoring expenditures
Not saving expenditure documentation
Lesson 3
Use standard computer accounting program
Administrator compares bank statements with computer printout - monthly
Lesson 4
Types:◦In-kind◦Cash restricted or unrestricted?
Reporting:◦In-kind◦Cash◦What are the benefits of reporting?
Lesson 5
What exactly is an audit?
What will an auditor be evaluating?
Record of audit filed
What are some benefits to using an internal audit committee?
Lesson 6