The handling of money
is one of the most important responsibility for a CTSO Advisor.
There are number of steps that must be followed to properly document
the trail of student funds. This section will dive into all the
steps in the financial cycle:
- Receiving Funds from students
- Preparing Funds to turn in
- Obtain Funds from your CTSO Account
- Paying out your CTSO funds
We will also touch on
some other areas, such as:
- Working with your school's bookkeeper
- Fundraising for CTSO Events
- Finding and Filling out all the right forms
There are three major
events during the year when you may receive student funds:
- CTSO Dues (Usually early in the year)
- Fundraising Monies
- Collection For Field Trips and Competitions
You will need to visit
your school bookkeeper to check out a receipt book. Any transaction
over $20 must go in the receipt book. Transactions under $20
can go on a Monies Collected Form, which can be found
in the bookkeeper's office.
Cash versus Check
Most schools will accept
cash or a check. You will need to check on your schools specific
rules for this. Be sure that all checks have a phone number and
the CTSO's internal account number written on the check.
New measures have been implemented to track the student's who
turned in checks that have insufficient funds. All checks must
now have the following written on the front:
-Phone number of the person who wrote the check
Writing a Receipt
It is essential to accurately
record the following on every receipt:
- School name
- Student's name
- Purpose of the transaction.
You must issue the white
copy to the student and the yellow copy stays in the book to
show the bookkeeper.
FAQ: What if I make
a mistake on the receipt?
write the word "void" and the receipt and go
to the next one. You must keep the white and yellow copies together.
The monies collected
form is easy-to-use for small transactions of the same type.
For example, if you are having a talent show and charge $5 per
ticket, all the transactions can easily go on the monies collected
form. Bring this form to the bookkeeper, just like you would
a receipt book. You will receive back the yellow copy for your
Preparing Funds to
Once you have collected your funds, you
must take them to the schoolís bookkeeper to be placed
in the CTSO's internal account. Check your school's specific
policy, but it generally a good idea to hold money no more than
a count of all the funds you are going to turn in to the bookkeeper.
You may want to have a separate count of cash versus checks.
TIP! Face all bills the same direction and place them in descending
Visit the Bookkeeper
visiting the bookkeeper, be prepared. Be mindful that other school
organization's use this person's time, so you want to be in and
out as efficiently as possible. Once the funds are correctly
counted, you will receive a printed receipt detailing your transaction.
Keep this receipt for your records.
Funds from your CTSO Account
are a number of times throughout the school year that you will
need to obtain funds from your internal account. Here are a few:
- Registration Fees
- Hotel Fees
- Member T-Shirts
Your bookkeeper will
have a check requisition form which formally places the request
for funds. You will need to fill out the reason for the withdrawal,
the date, your account name and number, and your signature.
You will need to provide
documentation for the purpose of your withdrawal from the internal
account. Your bookkeeper will need to see an invoice, receipt
or bill in order to process your check requisition.
***BOOKKEEPER TIP! Always
give yourself a window of 5 school day when requesting a check.
Do not ask your bookkeeper to try and process checks with a 1
or 2 day turnaround.
out your CTSO Funds
Once you receive a school
check, you want to immediately make a copy for your records.
Mail or deliver the check as soon as possible, and be sure you
always get a receipt. You will need to provide a receipt back
to your school bookkeeper.
What if I can't get a school check? Can I use a personal check
and get reimbursed?
will always want to use a school check to insure a proper paper
trail is being created. Check with your school site for the specifics
on this policy.
As a CTSO, your group
has no limits on the number of fundraisers you can have in a
given year. Here are a few tips to having a successful fundraiser:
Set up your contract
As a CTSO advisor, you
will get plenty of brochures from fundraising companies who want
to do business with your school. If you need help finding these
companies, check out the fundraising section of your CTSO national
Apply For Approval
Once you decide on a
fundraising activity, give your administration at least 30 days
notice. You will have to fill out an Agreement for School Activity
Form, which can be found in your AP for Administrationís
office. Be sure that you have your vendor sign the agreement
before you submit for final approval.
Be sure to open up the
fundraiser to all members of your CTSO, and consider broadening
the activity to all students in your department. The more students
participating, the more potential you have to raise funds.
See above sections for
how to manage the school financial cycle
Once the products come
in from the fundraising company, have an organized system to
distribute the products to all the students. Your funds you gain
from this must be used on the students who helped to earn it.