An internal review of financial records should always be done when a new Treasurer is appointed. We recommend an annual review.
Critical procedures to be completed by independent reviewer or committee include:
___ Account for numerical sequence of checks
___ Verify cash disbursements for supporting documentation and proper approval
___ Verify receipt of all payroll deduction amounts from the school payroll office by comparing to payroll listing and calendar of pay dates
___ Test the reasonableness of dues income – multiply # of members with dues amount
___ Ensure proper governmental reporting is done
___ Determine compliance with governing board actions and/or constitution regarding financial matters
___ Verify financial statements are being submitted to local leaders – tie to bank statement
___ Identify and feel comfortable with budget v. actual differences
___ Ensure local association money is properly separated from MEA/NEA/PAC
___ Ensure mathematical accuracy on all financial records