Associated Student Body

Laws * Rules * Regulations For Washington State Schools

Common Issues from Audits

Revenues Deposits do not equal receipts Payments made from receipts Theft of cash Staff personal checks in receipts Receipts held to make change Deposits not intact Deposits not timely Receipts not issued Old checks in receipts Staff holding cash/checks Many voids on the cash register Ticket reports always accurate to the penny Large overages or shorts Selling items on credit Failure to follow up on bank corrections Deposits into the wrong fund Inventory remaining does not match sales report   Expenditures No student approval No phones bids for items costing $15,000 to $50,000 No public bidding followed for items over $50, 000 Negative ASB balance IOU's in the cash box/ register Personal checks in the cash box

Expenditures~continued Pre-signed imprest checks Pre-signed Purchase orders Curricular materials purchased with ASB funds Invoices held in the building or with advisor Imprest accounts with 1 signature Monthly reports not reviewed Expenditures exceed revenues Not using purchase orders Missing numbers in the purchase order file Payroll payments from imprest   Accountability Imprest doesn't match authorized amount Outside checking accounts Booster clubs without school board authorization No reconciliation of change in inventory No imprest account reconciliation No inventory of school stores No inventory of vending machines Receipts don't match change in inventory Receipts don't match change in tickets Missing bank bags Missing receipt books Missing tickets from sequence Missing imprest checks from sequence Missing minutes of meetings Receipts books not preprinted

 

 

Main Menu

General Definitions

General Concepts on the Use of ASB Funds

Guidelines for Fundraising

ASB Funds Tip Sheet

Common ASB Questions

Student Body Funds Quiz

 

Washington Association of Student Councils

Susan Fortin, Director

2142 Cispus Road

Randle Washington 98377-9305

(360) 497- 7131 · Fax (360) 497-7132

 

Prepared by Martin E. Fortin, Jr.