PTO How To: Best Practices for Money Management
You might think a fundraising chairman’s job is done once stacks of orders start flowing in. Not quite. It’s important to manage the money throughout the fundraising process.
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might think a fundraising chairman’s job is done once stacks of orders start flowing in. Not quite. It’s important to manage the money throughout the fundraising process.
1. Start by establishing paper trails. Encourage sellers to write the student’s name on each check they collect. This is a big time-saver should there be an issue with any check.
2. Assign someone you trust to collect fundraising envelopes. Try to limit this job to just one or two people so nothing gets lost or misplaced.
3. Make sure there’s a collection system in place. Establish a routine of collecting envelopes each day. Keep collecting envelopes several days after the fundraising deadline to catch late orders.
4. Once all orders have been placed, review each one. This is time-consuming but critical. Make sure a payment is included in each envelope. Endorse the checks as you are organizing them at this point—it will save a little time.
5. Count all the cash. Bundle the bills by denomination, with singles in stacks of 50. Roll the coins. Complete a deposit form to list all the individual denominations and simplify calculating the total. You can download a free deposit form from the “Treasurer’s Forms’’ section of the File Exchange.) Have your trusted assistant recount your deposit to verify your total.
6. Create a separate “oops” list of orders that have a discrepancy. Work from this central list to call or send a notice to each of the parents to get more information about their payment.
7. Get to the bank. Deposit the money immediately or lock it up in the school safe until you can make the deposit. Don’t wait until the money is all in; make several separate deposits rather than one big one.
8. Verify before you pay. When it is time to pay the fundraising company, verify the amount with the fundraising committee chairperson. Record the payment on a check request form, and send in the check.
1. Start by establishing paper trails. Encourage sellers to write the student’s name on each check they collect. This is a big time-saver should there be an issue with any check.
2. Assign someone you trust to collect fundraising envelopes. Try to limit this job to just one or two people so nothing gets lost or misplaced.
3. Make sure there’s a collection system in place. Establish a routine of collecting envelopes each day. Keep collecting envelopes several days after the fundraising deadline to catch late orders.
4. Once all orders have been placed, review each one. This is time-consuming but critical. Make sure a payment is included in each envelope. Endorse the checks as you are organizing them at this point—it will save a little time.
5. Count all the cash. Bundle the bills by denomination, with singles in stacks of 50. Roll the coins. Complete a deposit form to list all the individual denominations and simplify calculating the total. You can download a free deposit form from the “Treasurer’s Forms’’ section of the File Exchange.) Have your trusted assistant recount your deposit to verify your total.
6. Create a separate “oops” list of orders that have a discrepancy. Work from this central list to call or send a notice to each of the parents to get more information about their payment.
7. Get to the bank. Deposit the money immediately or lock it up in the school safe until you can make the deposit. Don’t wait until the money is all in; make several separate deposits rather than one big one.
8. Verify before you pay. When it is time to pay the fundraising company, verify the amount with the fundraising committee chairperson. Record the payment on a check request form, and send in the check.
