Blacksburg High School Athletic Foundation finances under investigation

Posted January 15, 2013

1 Comment »

I fail to understand how any organization sets up its financials where only one person has complete control of all funds (deposits and withdrawals). An organization should have two financial chairs. Two sets of books should be setup and maintained by these officers with audit on a semi-annual basis. One officer should be a financial secretary who receives and manages all incoming funds and the second a treasurer who should sign for all deposits and oversee the control outgoing funds. However this person cannot withdrawal or sign checks for the organization. Checks can only be approved and signed by the President and Vice President. I setup a high school band booster club in this manner 20 years ago and although their annual budget averages $200,000 not one cent has ever been unaccounted during that period.

Comment by Skysail — January 16, 2013 @ 12:14 pm