Following is a transcript of this podcast episode, with audio/video below.
Welcome to the Two-Minute Treasurer’s Tip Podcast. I am your host, Cyndi Meuchel, Co-Owner of MoneyMinder, where our goal is to make your life as a volunteer super easy. Today I’m answering the following question: What kind of measures can I set up to safely manage the cash at my event? So Sydney writes in, “My group is holding an event where we’ll need to have cash available to be able to make change. We’ll also be handling cash in terms of sales. How does that work and how can I prevent theft?”.
Well, gosh, Sydney that handling of cash can cause a lot of grief in organizations, but there are some protocols you can set up that will make it a lot easier to account for. First and foremost, whatever amount of cash you take out of the bank for your event to make change, make sure you put that exact same amount back in afterward. So you’ll have a withdrawal for a certain amount and a deposit right back in for the same amount. That makes for really good record keeping.
It might be super tempting to reimburse someone who’s standing right in front of you, because you have cash in your hand, but they need to go through the appropriate channels to get reimbursed. Don’t be tempted to just give them cash out of the petty cash box. Also, when you take that cash out, be sure to ask for small denominations because you’re going to be making change. So you might be getting a lot of tens and twenties and you’ll want to have a lot of ones and fives on hand.
In terms of protocol, I would suggest making sure that you only have one place set up where cash is handled, so the fewer people that have access to it the better. Best practice is to sell tickets or entries for drawings, things like that only at one location and always have two people present whenever you’re dealing with cash. That means that at any point in time, two people should always be hovering over that cash box, even if it’s only a one-person job.
Then when it comes time to count the cash after the event, again you want to make sure that it’s counted by at least two unrelated people immediately after the event is over. So that doesn’t mean packing it up and taking it home and counting it with somebody. It means counting it right where you’re at. So don’t leave until it’s been counted and double counted and maybe even triple counted. You can find a cash count worksheet in our Treasurer’s Compass on our website at moneyminder.com. It’s under the ‘Guides’ tab and when you go to count that cash, each of your cash counters should sign that form to certify how much money is being handed over to the treasurer.
I would also recommend that you take that cash directly to the bank so that you aren’t responsible for it overnight. I can’t tell you how many times I’ve heard about cash disappearing when someone took it home and left it in their car or left it in their house and, lo and behold, it went missing the next day. You do not want that liability. So make sure that your bank has a night deposit drop that you can easily and safely swing it by after your event.
That’s it for today. So thanks for listening! If you have a question you’d like answered, just email it to me at [email protected]. My name is Cyndi Meuchel and this is your Two-Minute Treasurer’s tip for today.