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Silver Street

Warren County Extension

320 East Silver Street
Lebanon, Ohio 45036
(513)695-1311
Fax: (513)695-1111

 
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Time for an Audit?

Last modified 2006-10-13 13:42

If your 4-H club has a treasury, it is important for an audit committee to review treasury records once a year.

An audit protects the club, ad outgoing and incoming treasurers, and confirms the amount of money the club really has.
 

The best time to do an audit is when new officers are elected and before the new treasurer takes responsibility for the club funds.  An audit committee should consist of 3-4 people, such as the president, an advisor, a parent, and another club member.

Check your constitution -- it may specify who your audit committee is and when the audit should be done.

Here are a few checkpoints:

  • Can you reconcile your most recent bank statement with the treasurer's record book?
  • Are all checks accounted for?  (No missing checks)
  • Are all records in ink to prevent changes?
  • Is all money paid out documented with a bill or receipt or something to show what the expenditure was for?
  • Was all money paid out approved by the club?
  • Are the required signatures on all checks?

After doing an audit, the committee can make recommendations for any changes they think are needed in the handling of club funds, and then should complete the audit report in the treasurer's record book.