Embezzlement continues to be the greatest threat to the livelihood of any booster club, and it pervades in epic proportion. Sadly, too many booster clubs make it easy for dishonest – or potentially dishonest – people to steal. The most common factor – putting one, unsupervised person in charge of all financial duties.
The best way to prevent theft and fraud is to make it difficult to commit theft and fraud. Sounds simple, doesn’t it? Well, as simple as it sounds, this is where many booster clubs fail. They do not build proper checks and balances into their operating procedures.
Transparency is the foundation of a booster club’s financial integrity. Therefore, separate financial roles and reporting among two or more people.
Every booster club should have at least two financial officers: treasurer and bookkeeper. Separating financial duties between the two officers creates checks and balances that make it very difficult to embezzle funds.