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Any Tractor Club Treasurers on here?

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jCarroll
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PostPosted: Wed Dec 13, 2017 2:38 am    Post subject: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

Situation with our Club:
Our Treasurer has been treasurer for yearssssssss,
Maybe in the distant past a President was also signatory on the Club's checking account,
but now I'm pretty sure the Treasurer is the only signatory on the account.
We elect a'new VP every year, and the past VP steps into the President's shoes.

Seems an unnecessary "risk" to go on with just one old guy on the account.


How do others handle this? Got any suggestions?
 
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craigco
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PostPosted: Wed Dec 13, 2017 3:11 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

At every meeting there is the treasurer report.printed copy of all transactions made. Also the president and vp are added to signature list at the bank when ever there is an officer change.
 
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deeretails
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PostPosted: Wed Dec 13, 2017 3:29 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

All our club's checks require two signatures-
 
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Welding man
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PostPosted: Wed Dec 13, 2017 4:13 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

Our club has had the same officers for several years, I am VP. Our treasurer is a local businessman. Our club voted a long time ago to let the elected officers take care of the day to day business as they saw fit, unless a major decision needed to be made and then a special meeting would be called. We do not require two signatures because of convenience. His business is 2 blocks from the bank and across the street from the post office. He makes the deposits and pays the bills. He rarely writes a check without calling me and letting me know what it's for and how much. It's all about trust.
 
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Meangreen
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PostPosted: Wed Dec 13, 2017 5:05 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

I was treasurer of our club for several years. Our club was setup so each check requires 2 signatures and the Pres, Vice Pres, Treas & trustee board (previous 3 presidents) all were on the account to sign checks. Even though I had authority to sign I usually never did.
 
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BarnyardEngineering
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PostPosted: Wed Dec 13, 2017 5:16 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

After I'd been president for a couple of years, come to find out, none of the current officers were signatories on the club checking account. Not even the current treasurer! Yet the bank happily cashed our club checks with no issues for years...
 
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BarnyardEngineering
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PostPosted: Wed Dec 13, 2017 5:19 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

As for what to do about it, if you're an officer of the club you can bring the subject up with the other officers. I'm not sure I'd make it my business as a regular member, though. If you have that much concern about the finances of the club, you really should volunteer yourself as an officer. Otherwise if things go tango-uniform because the treasurer keels over or decides to skate off to a Caribbean island with the club funds, and the club has to fold, all you're really out is your dues.
 
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Butch(OH)
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PostPosted: Wed Dec 13, 2017 5:38 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

Seems like once a month I read in our paper about stolen funds by a local government official or some club or organization treasurer. A good rule to have is four eyes on all cash at all times and same for all transactions.
Even if the treasurer is the most honest guy on planet earth having another set of eyes on transactions assures that he cannot be accused of theft or mishandling funds by some disgrunted member. He should welcome it.
 
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1948CaseVAI
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PostPosted: Wed Dec 13, 2017 6:26 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

BarnyardEngineering wrote:
(quoted from post at 09:16:10 12/13/17) After I'd been president for a couple of years, come to find out, none of the current officers were signatories on the club checking account. Not even the current treasurer! Yet the bank happily cashed our club checks with no issues for years...


Around Wichita the bank will not even look at the check signature unless the check is at least $1,000 or so. There are too many checks and it would cost too much to look at them all, so they just pay them. It is cheaper to take the occasional loss for the bank than to hire enough folks to look at all signatures.
 
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coshoo
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PostPosted: Wed Dec 13, 2017 6:31 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

The big problem with two signatures is inconvenience. In an office, the second signature is just down the hall, but in a club with everybody working from home, the second signature is miles away. If someone else is looking at the bank statement every month, I'd think the risk is minimal, especially if you've got an honest guy as treasurer. Your bookkeeping system is probably not complex enough for some chiseler to pull a fast one outside the checking account.
 
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Mike M
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PostPosted: Wed Dec 13, 2017 6:53 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

I don't know how it's done. But as I read this I am thinking that you might be concerned ( and rightly so ) about just one person because if they kick the bucket no one will be able to access the money.
Sit down with your bankers and ask about this is all I can suggest.
 
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Doug-Iowa
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PostPosted: Wed Dec 13, 2017 6:57 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

Kind of depends on how you are organized and how much $$ you handle. One local club I know could lose it all and not be out 500 bucks. At that point I wouldn't worry about it. The organization I'm an officer on routinely deals in 5 figures, so at that level it is more important to have controls in place. And we are a 501(c)(3) so our biannual state report needs to reflect accepted accounting practices which includes two signatures.

When we grew to that point some worried the existing long time treasurer would be offended to have his honesty questioned by changing to two signatures. There was absolutely no doubt he was 100% accurate, I'd trust him with my billfold. But I met with him privately and simply said this change is as much for your protection as the club's. Who's to say some hacker doesn't get into the account and take money, if you're the only one on it you stand your defense alone. If we have the board on the account, we all stand together. He'd never thought of it that way and welcomed the change.
 
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Traditional Farmer
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PostPosted: Wed Dec 13, 2017 7:07 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

A CPA needs to look over the books at least once a year.
 
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db4600
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PostPosted: Wed Dec 13, 2017 7:17 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

I've been involved with clubs for 30 years and have seen 2 treasures get axed. In both cases the funds were replaced and the parties expelled. Recently I've seen 2 incidents where people I know have been caught pilfering funds from high school clubs and small town chapters. In both cases the monetary amount was considerable. In both cases the people did not seem to show remorse. If it was me with my face in the paper I think I would crawl in a hole and hide.

The tough one is when club members take donations. We experienced a case where donations were reported to be given by the business, but could not be tracked back to the treasury. It came down to a case of she said/ he said that couldn't be proven either way and created rift in the club and community. Granted most donations are small compared to a club treasury, but a spade is a spade.

During an event or show there are thousands of dollars changing hands at stands, gates, and booths. And we all know that getting volunteers is tough let alone getting all trustworthy volunteers. Whatever the case may be just be aware of a trend or something that looks amiss.
 
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DeltaRed
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PostPosted: Wed Dec 13, 2017 7:31 am    Post subject: Re: Any Tractor Club Treasurers on here? Reply to specific post Reply with quote

In our club(I am a past president) both treasurer and president have signature authority. The checkbook is held by the president.The books are audited yearly by a third disinterested party.There has NEVER been an issue or discrepancy!The books are laid out at each meeting for inspection by any member who wishes to..However,most officers serve multiple one year terms(I served 3 one year terms). We like to say it's a 'life sentence'!LOL
 
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