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Money Matters

Introduction

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:

-Student's name
-Student number
-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
Date
Amount
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?

Simply write the word "void" and the receipt and go to the next one. You must keep the white and yellow copies together.

Monies Collected Form

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 records.

Preparing Funds to Turn In

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 5 days.

Count the Funds

Take 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.

***BOOKKEEPER TIP! Face all bills the same direction and place them in descending order.

Visit the Bookkeeper

When 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.

Obtaining Funds from your CTSO Account

There 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
Banquets

Check Requisition Forms

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.

Supporting Documentation

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.

Paying 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.

FAQ: What if I can't get a school check? Can I use a personal check and get reimbursed?

You 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.

Fundraising

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 early

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 website.

Apply For Approval with Administration

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.

Promote, Promote, Promote!

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.

Money Collection

See above sections for how to manage the school financial cycle

Product Distribution

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.

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		Money Matters
		Introduction 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: -Student's name -Student number -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 Date Amount 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? Simply write the word "void" and the receipt and go to the next one. You must keep the white and yellow copies together. Monies Collected Form 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 records. Preparing Funds to Turn In 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 5 days. Count the Funds Take 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. *BOOKKEEPER TIP! Face all bills the same direction and place them in descending order. Visit the Bookkeeper When 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. Obtaining Funds from your CTSO Account There 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 Banquets Check Requisition Forms 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. Supporting Documentation 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. Paying 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. FAQ: What if I can't get a school check? Can I use a personal check and get reimbursed? You 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. Fundraising 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 early 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 website. Apply For Approval with Administration 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. Promote, Promote, Promote! 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. Money Collection See above sections for how to manage the school financial cycle Product Distribution 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.

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