News Detail

22

Mar, 2018

IS SOMEONE STEALING FROM YOUR LEAGUE?

IS SOMEONE STEALING FROM YOUR LEAGUE?

In 2000, 2001 and 2002 three different D62 leagues discovered financial losses. The first was a staggering $45,000, the second, $15,000 and the third was estimated at $10,000. In each of the cases, the actual amount was not determined as the leagues did not have adequate cash controls in place. The documented losses that could be proven included:
•        sponsor checks deposited into a personal bank account 
•        payments on copies of receipts that had been folded to conceal personal items
•        check and credit card purchases for personal use

Other less obvious thefts were discovered due to lower than expected cash receipts at:
•        player registration
•        opening day fund raising
•        lower than expected snack bar income compared to the volume of customers
•        unusually large snack bar purchases compared to the volume of customers

There are some very simple procedures to limit your losses. This 2002 news letter from the firm of BKR Dupuis & Ryden was written for non-profits of all sizes. Some of the procedures are not only effective, but also very easy to implement. For example; no one person should ever possess uncounted and undocumented cash. There should always be at least two people present where there is uncounted cash! Please read the news letter to learn more.

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