I read in todays paper that there was a woman charged with embezzling money from a cemetery fund. This happens frequently in public funds and even Church funds. What are some ways to prevent it from happening? First you can make the accounts where any money transfers or checks require two (or more) signatures. Make sure that the two (or more) people required are not related. Next have a third person do a quarterly review of the accounts. What does this do? When you have large amounts of money that are accessible by only one person often the temptation can be too much. If more than one person is required to spend/transfer money then it places a reasonable expectation of being caught. The third person review every quarter means that if there are people stealing money then they dont have a year or more to do it. In a Masonic lodge there is an annual review of the budget by two members that have nothing to do with approving or spending money. It has to do with removing temptation and ensuring members that their money is being spent wisely and going to a good cause instead of going into someones pocket.
Posted on: Thu, 07 Nov 2013 19:09:34 +0000
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