Fundraising Cash Handling Management

Cash handling is a frequent topic of discussion amongst administration management when an organization is hosting a fundraising event. These guidelines ensure the potentially fluid funds involved remain organized and compliant:

Using your cloud software allocate a separate job or tracking category to each event. This will provide excellent information for assessing revenue and expenses at the end of the event.
Record the initial float and have it approved by two authorized personnel.
Ensure everyone involved knows who is responsible for collecting donations. This is especially critical if funds are being collected in multiple areas throughout the day.
To count the funds, set aside a secure area, not visible to the public or other staff. Count the cash by at least two people and record the takings on a Cash Summary with both signatures. The report can be compared against the bank deposit at the end of the event and filed together either physically or electronically.
Have a backup system in place so if the usual person in charge is not available everyone knows who is next in charge to take responsibility for the cash. This requires communication in advance.
Keep the cash safe at all times.
Do not reimburse staff or volunteers from cash takings. Expense reimbursements should be processed electronically using bookkeeping software to ensure everything is recorded clearly. In like manner, it is good practice for the owed reimbursee to fill in a form detailing their purchase and bank details attached with the relevant receipts to ensure good record keeping and allow the appropriate authorizations.