Prevent fraud: Separation of duties

What’s the best way to to prevent fraud or mistakes in the finances of your homeschool group? It’s called separation of duties and Carol Topp, the HomeschoolCPA explains why your treasurer should not be doing all the financial tasks in your homeschool organization.

In this 12 minute podcast episode Carol explains how you can separate and share the money management tasks.

In the podcast Carol mentioned a list of suggestions to prevent fraud.

Excerpt from Money Management in a Homeschool Organization on preventing fraud (opens as a pdf)

Money Management in a Homeschool Organization

Does your homeschool group manage their money well? Do you have a budget and know where the money is spent? Do you know how to prevent fraud? This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.