Policy C13 - Money Handling

Purpose

It is important that all money and non-cash donations coming into Ski for Light be properly accounted for, handled carefully, and in a timely manner. This will ensure that no cash or checks are misplaced, and that donors and event participants are properly credited for their payment.

Policy

Generally accepted practices in businesses and nonprofits accounting principles require that cash /checks receipts be handled so that more than one person has knowledge and control of those receipts, that deposits to the appropriate SFL account be made in a timely manner, and that to the extent practical, the same guidelines apply to other non-cash receipts. This means that two people will always be involved in the receipt, accounting and depositing of cash check receipts, and that when practical the same guidelines apply to non-cash receipts. It also means that someone different from the person or persons receiving the cash/check receipt is responsible for reconciling bank accounts and sending donation acknowledgements.

Credit Card Procedures

Credit card payments are deposited directly in the SFL bank account with initial notification from the credit card processor going to both the Treasurer and the Secretary or other designated SFL official (other than the Treasurer) via email, and that designated person keeps a record of the payment notification. The Treasurer notifies the applications coordinators, the fundraising coordinator/database manager and auction coordinator, as appropriate, that a payment has been received.

Check and Cash Procedures

Event participants' fees: If accepted applicants do not pay their event fee via credit card online, they may pay via check. If paid via check, the applicant shall mail the check to the Treasurer, or as directed to the various applications coordinators who will then forward checks in a timely manner in batches to the Treasurer. The Treasurer records payments, notifies the Application Coordinators of the details of receipts, and deposits the payments in a timely manner in the SFL bank account.

Donations: Donations and miscellaneous payments by check are mailed to SFL's Minneapolis address. The mail is forwarded to the SFL Donation Processor who opens that mail, records the check, and sends details to the Treasurer and others as appropriate. Checks are then deposited by that same person in batches, for deposit only after being stamped 'for deposit only'.

Money at the Event: Money at the event primarily comes in through the Sales Room, the Information Room, and Raffle Coordinator. Cash and checks are recorded each day and placed in the hotel safe, if available, by those people. Those people transfer the money and a listing of the amount and source to the Treasurer or other designated person for accounting and deposit. Cash and checks are to be deposited in SFL's bank account as soon and as often as practical to do so.

October 8, 2024