Funds are lost due to theft during the hectic operations of a special event.
Methods to Mitigate the Risk
Many not-for-profit organisations run large fund raising events which can involve the receipt of large quantities of cash.
Such an event can provide a hectic time with potential for large quantities of cash to be stolen. To ensure all cash received is properly accounted for during such an event, the following safeguards may be of assistance:
- Encourage all donations and purchases to be made by credit card.
- If donations and purchases are made by cash, ensure controls are in place to control the money that is received (eg. having two people receipting the cash).
- Have a separate person register donations and purchases to the receipt of funds so that the two can be reconciled at a later time.
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