Safety Week: Financial Controls
Welcome to Rush Management and Safety Week. Rush is dedicating seven consecutive articles, one per day, to be posted on the web regarding Risk Management and Safety. This is article 6 of 7.
Since the Rush Expansion began in 2004, three clubs have been involved in embezzlement, THREE that we know of. We do not want to expose the club or the individuals, but we do want to expose the nature. If Internal Controls Policies & Procedures (110 11) are not adopted, your club is at a substantially greater risk. This is a white collar crime and stealing affects every member of the club as this is your money. Since all of the Rush Clubs are 501c3’s http://en.wikipedia.org/wiki/501(c)_organizations, the budget <2012/13 Proposed Budget> and finances are public record. The front office should be transparent in the record keeping. Rush clubs should have an annual audit to assure proper G.A.A.P.’s (http://www.investopedia.com/terms/g/gaap.asp ) are being adhered to. At the completion of your audit, a fiscal year end auditor report or a <Positive Management Letter> should be provided.