1. Audits

2. Internal Controls Financial Statements

3. Ratings 1 to 3 3 – Meets Expectations 2 – Needs Improvement 1 – Significant Issues - DOW meets with Finance Council

4. Internal Control Protect Parish Assets Protect Employees Eliminates temptation

5. Checking Account/Cash Diocese of Winona only wants parishes/schools/cemeteries to have only one checking account each Theft Insurance Handling of Cash

6. Separation of Duties Mail Deposit Data Entry Transport to Bank

7. Collection Process Minimum – two unrelated counters Count sheets signed Use ink on count sheets Transport in tamper evident bags or locked bags Tracking of bags by serial number Bookkeeper never has access to collection/cash

8. Payroll/Accounts Payable Invoices/timecards approved before paid Direct Deposit- approved before and sign/review bank documentation of transmission Timesheets – filled out with totals including regular hours and leave hours. Signed by employee and supervisor Job offer letters/documentation of wages Approve electronic payments for invoices just like payroll

9. Bank Statements Father/Administrator should open/view bank statements before given to bookkeeper Bookkeeper does bank reconciliations Bank statement and bank reconciliations reviewed by someone other then preparer like Priest or finance council. Should be signed/dated by the person that reviews the bank statement and reconciliation.

10. What to look for when reviewing bank statement Review copies of checks and deposits Review signatures Look for manual checks or cash withdrawals Verify Electronic Payments

11. Scrip Separation of duties- need at a minimum six individuals 1. Purchasing 2. Sales 3. Inventory Done by at least two individuals Done at a minimum monthly Done after scrip changes hands 4. Data Entry 5. Deposits

12. Scrip 85% Rule Procedures are for all scrip including if just doing Kwik Trip Profits of scrip after rebates Best fundraiser for time spent?

13. Financials Statement of Financial Position 1. In Balance? 2. Reconciliation done on all accounts 3. Net assets Statement of Activities 1. Enter income and expense separately, DO NOT NET 2. Income Classified Correctly – Assessed or Non Assessed

14. Payroll Handled Correctly 1. Benefits 2. Reporting 941/944 State Quarterly W-2 1099 3. Taxes Paid