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Avoiding Theft in your School or Parent Group - Part 1


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Something schools, PTA's, PTO's and other parent groups should never have to worry about is theft. However, school theft and embezzlement are two of the biggest threats to these groups. Any group dealing with money regularly should take steps to prevent theft from happening. Following these few steps from the Believe Kids presentation, will help guard your parent group from having money stolen from the school.

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Avoiding Theft in your School or Parent Group - Part 1

  1. 1. AVOIDSCHOOL THEFTA Presentation from Believe Kids Fundraising.By Jay Moneta and Hunter Thomson PART 1.
  2. 2. AVOID PART 1. SCHOOL THEFTIts no secret that schools and parent groups handle large amounts of money on aKeep track of moneyregular basis. Any group that deals with money needs to take steps to prevent theft,no matter how small the group is. Every year, new stories emerge where parentgroups who have fallen victim to fraud, embezzlement and theft.Why? Because theft most commonly happens when need meets opportunity. Theeasiest way to protect your organization from falling victim to theft is to take awayopportunity.The following outline steps you can take today to protect your school from theft. 1.
  3. 3. AVOID SCHOOL THEFT1. Hold an annual AuditAuditing money yearly lets everyone know that all money must be accounted for. It isalso a good idea to do an audit every time officers who handle money take office,especially the treasurer. 2.
  4. 4. AVOID SCHOOL THEFT2. Require multiple signaturesHave 2 signatures on all PTA checks. Have at least 3 signatories on the PTA accountwho are not related and not employees of the school.Having 2 or more signatures on a check creates a checks and balances system that willensure accountability between the two people responsible for the checks. 3.
  5. 5. AVOID SCHOOL THEFT3. Take out bonding insuranceA fidelity bond policy will protect the cash of the parent group against theft. Anyonein the parent group who has access to or handles money should be covered under thepolicy. 4.
  6. 6. AVOID SCHOOL THEFT4. Review statements each monthReview bank statements and check records each month. A member of the parentgroup who is not directly involved with the handling of the money should do thereviews each month. 5.
  7. 7. AVOID SCHOOL THEFT5. Verify wire transfersDo not let wire transfers go un-noticed. Make sure there is documented paperworkand explanations for the reasons of wire transfers, then verify the source.With respect to subscription-based debits that are recurring, verify that the paymentsrelate to valid accounts that are being utilized. A periodic review of ongoing billingmay turn up accounts or services that are not being used. 6.
  8. 8. AVOID SCHOOL THEFT6. Verify Cash logsAlways provide receipts along with bank deposit slips. By keeping all receipts andbank deposit slips, you will be able to verify exactly where the money is going andhow it is being used. 7.
  9. 9. AVOID SCHOOL THEFT7. Make bank deposits the same dayHolding on to deposits for a long period of time creates more opportunity for theft.Create a "funds received" form and have two people count and verify the money then8. Appoint 2 people to count moneysign their names on the form. 8.
  10. 10. AVOID SCHOOL THEFT9. Review accounts regularlyReview the accounts payable, vendor, and donation lists to check for suspiciousnames or businesses. Do this at the same time you hold your monthly reviews. 9.
  11. 11. AVOID SCHOOL THEFT10.Protect checksKeep all checks in a secure area, preferably a locked box. Do not just leave checks orcash lying around. Have a designated, secure place where you can keep them beforeyou deposit them. This presentation is continued in Part 2. 10.
  12. 12. A Presentation from Believe Kids Fundraising.By Jay Moneta and Hunter Thomson© 2011 Believe Kids Fundraising SCHOOL THEFT PART 1.