What Can Our Booster Club Do to Minimize Theft or Fraud?
Most booster clubs are run by dedicated parents who want to support their children and their local organizations. However, any organization that handles money is susceptible to theft and fraud. Booster club theft and fraud is more common than you might think, so you should consider implementing safeguards to keep your funds safe and secure.
Below are a few measures you can take to ensure your booster club is protected.
Implement Checks and Balances
Checks and balances are a critical part of any organization, booster clubs included. When one person has total control of reporting and finances, it can be a perfect recipe for booster club fraud or theft.
Implementing checks and balances can be as simple as designating another officer to approve expenses or double-check monthly statements. You can also rotate the officer in charge of the finances and make your finances transparent to all officers in the organization.
While cash is an easy way to transact with booster club supporters, it is very hard to track and can be difficult to defend against theft. When you enable digital payments, it not only makes supporting your club more accessible but also allows you to better track and protect against theft.
When you require digital payment, there is always a trail of transactions, so any fraud or theft can be easily uncovered. It also makes things much simpler when it comes time to prepare financial statements. Booster club software can help you seamlessly transition to cashless payments for your organization.
Concessions, merchandise, bake sales, and other forms of income are great ways to raise money for your club. However, sales from several sources can be difficult to manage and be open to fraud and theft if you do not implement a form of tracking.
Tracking your sales prevents fraud and theft and can help you optimize your processes and find out what’s working and what is not. Booster club software can help you track sales, promote your items, and expand your reach overnight. The software can easily show trends in your sales and help you maximize your funds year over year.
Consider an Audit
Many nonprofit organizations make a point of conducting financial audits once a year, and for a good reason. Annual audits uncover any unusual financial activity in the club. They are the best way to discover mismanagement of funds, including fraud and theft.
Audits can also give you insight into any inefficiencies and make you aware of improper accounting practices. If your club doesn’t have extra time or funds to spend on an audit, you can seek out a nonprofit accounting firm to see if they will do an audit for free or at a discounted rate.
Protect Your Booster Club from Financial Fraud and Theft
Running a booster club requires a lot of dedication and effort, so investing in additional measures to prevent fraud and theft may seem like extra work. Safeguards you put in place to preserve the integrity of the organization are well worth the effort and ensure that your club keeps every dollar it earns.
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Does My Booster Club Need to Collect Sales Tax?
When managing a booster club, one of your top goals is generating as much revenue as possible for the athletic team or fine arts group you are supporting. One way you can maximize your revenue is by taking advantage of any price breaks and tax exemptions offered in your state. This brings us to the topic at hand: booster clubs and sales tax. Sales tax is a fee imposed by state governments on transactions involving services or goods. Because these fees are primarily imposed at the state and not the federal level, tax percentages vary from state to state. So does your booster club have to collect sales tax? Let’s explore.
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BoosterHub – The #1 Booster Club Software
In an October 2022 press release, Yahoo! Finance recognized BoosterHub as the #1 booster club software in this emerging industry. Since it launched, BoosterHub has experienced championship-level growth. In just nine months, BoosterHub surpassed the $1 million gross merchandise volume threshold.
BoosterHub’s overnight success speaks to the fact that the dynamic platform fills a long-standing void in the school booster club space. As of the press release, BoosterHub has more than 5,000 members and facilitated over 45,000 transactions. Our platform has an incredibly low single-digit churn rate, which is undoubtedly due to the fact that our customers are extremely satisfied with the product.
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Does My Concession Stand Need a Food Service License?
A concession stand is one of the most effective ways for your booster club to raise money for sports teams. However, if you have never run a concession stand before, you undoubtedly have tons of questions about it. Running a successful concession stand is not quite as simple as it may appear. In order to do so, you need to familiarize yourself with food service requirements, explore state tax laws, and much more.
The good news is that there are great resources to jumpstart your efforts. In addition to creating this beginner’s guide, the team at BoosterHub frequently tackles important concession-related topics. In this post, we take a deep dive into food service licensing requirements for concession stands. Whether you are already running a successful concession stand or have recently taken over these responsibilities for your booster club, this playbook will help you comply with state and local guidelines.