Hi Carol,I’m the Treasurer for our local Home School Co-op and we are in the process of implementing some policy and procedures. My question is: What would be an effective policy for the handling of funds received by the various age-level activity coordinators?Some activities are free or have a very small fee, while others are big events with tickets being sold and expenses incurred (High School Formal).. Should there be a set amount that does not need to flow through the checking account and the coordinator be responsible for the collection of fees and the disbursement of funds, or should all monies flow through the checking account and expenses paid by the Treasurer?Thank you,Terri K
In general, I recommend that all activities under your co-op flow through your organization’s checking account. It might make more work for the treasurer, but it provides accountability and oversight of the program that will bear your name.
That being said, I am treasurer of a separate graduation ceremony fund for my homeschool group. We (the parents of the graduates) set up a separate checking account just for the graduation ceremony. I believe it was so that only the parents with graduates were funding the graduation, not the entire student body/homeschool group. We have to stay on budget because there is no “slush fund” from the larger group to fall back on if we overspend.
There is no set amount to help you make a determination. I would base my decision on the nature of the activity. If it is recurring (like our graduation ceremony) then perhaps a separate account could be set up; if it is only a one-time event like a field trip, then keeping income and expenses part of the larger group’s system would make sense. Also consider the fiscal responsibility of the leaders of your separate activity. If no one cares to handle the money in a responsible manner, then don’t let them open a separate account.
I hope that helps!