By Gayle Cagianut

1. Thou shalt not sign blank checks, nor leave blank check stock unsecured.
2. Thou shalt deposit all checks in a timely manner (preferably daily). If a deposit is not made daily, then the undeposited funds should be adequately secured.
3. Thou shalt not accept cash. If absolutely necessary to accept cash, then do so only with 2 witnesses, and then generate a receipt for the files.
4. Thou shalt not make checks payable to “Cash”.
5. Thou shalt require invoices, or other type of verification of the expense, on all paid bills. That invoice should be “canceled” in some manner after payment to avoid duplicate payment.
6. Thou shall have two board signers on reserve withdrawals. Thou shalt not allow telephone withdrawals of reserve funds.
7. Thou shalt update signature cards in a timely manner whenever there is a change in board members or change in management personnel. The board may want to consider having a board member deliver/mail the signature cards to the bank.
8. Thou shalt require approval of write-offs of A/R balances by a person other than the person making the deposits and reconciling the banks. The board shall approve all write-offs over a certain amount.
9. Thou shalt review all bank statements and reconciliations at least quarterly for ALL bank
10. Thou shalt receive financial statements at least quarterly (monthly, is even better).