At that announcement the line begins to form. Cash disbursements are easily the most manipulated, error prone process of any organization. Without proper controls and oversight in place, and in practice, money doesn’t have to grow legs and walk – it gets handed out. Maintaining an internal audit process of this area is essential and […]
Having a church CFO or business administrator that can do everything can be a real blessing. The downside is if there aren’t proper checks and balances in place, he may decide to use that power to defraud the church. Jason Todd Reynolds was a trusted employee for seven years but he ended up buying three cars […]
With great risk comes great reward, sometimes… Church officials and members of St. Barbara Greek Orthodox Church in Orange, Massachusetts lost big in an investment scheme promising big gains. It can be tempting to investigate alternative investments in our uncertain economic situation, but we recommend exercising extreme care in these decisions. Make sure you have savvy business […]
This trusted, married couple in the Church held the position of Treasurer and Assistant Treasurer with complete discretion of managing Church finances. They were part of the Church for over a decade, surely they weren’t committing any fraud?! In a simple review of the monthly cash reconciliations, these fraudsters would likely have been caught earlier having […]
How can a Church do an excellent job of protecting itself, and do so inexpensively? The Church can do much in house to protect the provisions it has received. Let’s think specifically about Cash Receipts: First, a Church must have written procedures for how money is received and handled. This is the starting place for […]