Internal Review of Financial Records

An internal review of financial records should always be done when a new Treasurer is appointed. We recommend an annual review.

Critical procedures to be completed by independent reviewer or committee include:

___ Account for numerical sequence of checks

___ Verify cash disbursements for supporting documentation and proper approval

___ Verify receipt of all payroll deduction amounts from the school payroll office by comparing to payroll listing and calendar of pay dates

___ Test the reasonableness of dues income - multiply # of members with dues amount

___ Ensure proper governmental reporting is done

___ Determine compliance with governing board actions and/or constitution regarding financial matters

___ Verify financial statements are being submitted to local leaders - tie to bank statement

___ Identify and feel comfortable with budget v. actual differences

___ Ensure local association money is properly separated from MEA/NEA/PAC

___ Ensure mathematical accuracy on all financial records