I have a friend who has reminded me to be thankful for annoying things such as the red light I am stopped at, because I am privileged enough to live in a country that has roads, and orderly ones at that. This same attitude can be applied to taxes—thankfulness for them and for the ability […]
In the grand scheme of things – yes, it’s small change, but petty cash accounts are easy to mishandle and manipulate without proper oversight and controls. What controls are currently in place and are they followed? This is the primary focus of an internal audit of the petty cash funds. Review the written policies governing […]
How does one get away with stealing $1.5 million? This Organization’s Financial Officer stole over a period of seven years. Obviously, adequate controls were lacking at some level in this organization. Read the full story here. Is your church or non-profit in need of a check up on internal controls? Let us help you evaluate […]
Both, a statement and a question! Knowing what the organization owes as well as having confidence you have a complete and accurate picture really takes little to no effort. Start with a review of the debt amortization schedule. This schedule should require all note obligations and commitments including mortgage, loans, and leases. Review the schedule […]
In Indianapolis today, the courts upheld a man’s 54-year sentence for pocketing millions intended for the construction of churches. This man defrauded nearly 3,000 people. Who do you trust with your money? Is your Church doing all it can to protect its contributions and accounting personnel?
Your financial statements are a key to making decisions for your Church. Let me rephrase that…ACCURATE financial statements are a key to making GOOD decisions for your Church! I can’t stress enough just how true this statement is. Whether your Church is deciding to build a new campus, expand or remodel the existing campus, or […]
In any business, having a high level of confidence in the amounts that are owed to various vendors is crucial. This fact is no different within our churches. The key to having this confidence is making sure adequate recordkeeping is maintained. Best practice guides stress that you should always have a consistent method for entering […]
Who’s looking after your Church’s financial personnel? Are the necessary checks in place to, if not prevent fraud, catch it quickly? $51,000 may not be much to lose if you’re at a mega-church, but to a smaller Chuch in Indiana, it was. The full article can be found here. Source: WISH TV 8 News
Who would ever think that an elderly Church Secretary would steal from her Church? A simple routine review of the bank statement and reconciliation by an independent party may have prevented this church in east Tennessee from losing $1.5 million. You may read more here.
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 […]