I NTERNAL C ONTROL P ROCEDURES. H OW TO I MPLEMENT C ONTROLS – P ART 1 Well-defined organizational chart, showing clear lines of responsibility Separation.

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Presentation transcript:

I NTERNAL C ONTROL P ROCEDURES

H OW TO I MPLEMENT C ONTROLS – P ART 1 Well-defined organizational chart, showing clear lines of responsibility Separation of Duties Custodianship, recordkeeping, authorization For example: bookkeeping, signing checks, reconciling the bank account and cancelled checks, recording and depositing receipts (offertory collections and other receipts) Safeguard accounting records Secure financial documents Checkbook, deposit slips, etc Use of check request form for all “material” purchases Establish an internal audit committee

H OW TO I MPLEMENT C ONTROLS – P ART 2 Rigorous hiring practices (screening employees) Fidelity bonds for those who handle cash Encourage (mandate??) use of envelopes for contributions Encourage (mandate) checks, not cash, for contributions (or bank transfers) Have at least two people involved in the offertory counting

50 I NTERNAL C ONTROL P RACTICES General Internal Controls Includes cash receipts controls Cash Disbursement Controls Reconciliation Practices Other Assets

IC B EST P RACTICES E VANGELICAL L UTHERAN C HURCH Receipts (Sunday and special offerings); Bank account reconciliation process; Authorized bank signers Capital expenditures; Disbursements; Congregational loans; Payroll; Taxes; Data processing/data security/Personal Identity Information (PII); Asset classification; Purchasing; Records retention; Regulator and legal compliance; Code of Ethics; Endowments; Travel expenses; The budgeting process

F IN. M GT. AND C ONTROL M ANUAL D IOCESE OF D ES M OINES Bank Accounts Other Parish Organizations Internet Banking Cash Disbursements Management of Mass Collections Other Cash Receipts Socially Responsible Investments

D IOCESE OF B RIDGEPORT Controls over Offertory Collection Review and Tests of Parish Financial Controls and Accounting Practices Annual budget preparation and monitor actual results Revenues and collections (again!!) Purchasing and disbursements Payroll and related transactions Bank and investment account reconciliations Report results of review and tests

I NTERNAL C ONTROLS Q UESTIONNAIRE IC Questionnaire from Episcopal Diocese of Montana IC Checklist from the Tennessee Baptist Convention