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Top Five ways to Protect your Parent Group from Embezzlement

AIM Team 13 March, 2019

Not too long ago, General Liability claims for injury were our most common claims. Now… embezzlement claims have taken the lead!

While there may be numerous reasons for this shift, PTA, PTO and Booster Clubs need to make it a point to both prepare for and protect themselves from embezzlement. 

Here are the top five actions you can take to help protect your PTA, PTO or Booster Club from embezzlement:

1. Remember the power of TWO

When there is only one person involved with your PTA, PTO or Booster Club’s money, it can be easy to lose track of funds and even be tempting for this person to steal. This is why we say to remember the power of two! Two people should always count the money and sign the receipts verifying the amount. Two signatures should also be required on all checks. Speaking of check, by the way, never sign a blank check or a check made out to “cash.”

2. Get familiar with your bank

One mistake parents can make is to take their organizations funds home with them. When PTA, PTO or Booster Club projects are on-going, it can be even more tempting to bring the money home with you because it’s just more convenient. Doing this, however, is a bad idea. In order to help protect yourself and your organization, never take money belonging to the Organization home. Instead, deposit money into the bank daily.

3. Checks are the way to go

To help keep track of your organization’s money, it is best to pay all bills by check instead of cash. And as convenient as debit and credit cards are, checks are still a better option. AVOID debit or credit card use.

4. Bring in a third person

Having someone outside of your organization help review and sign bank statements on a regular basis will help keep your organizations funds on track throughout the year. Have a non-signer physically receive, review and sign the bank statements monthly. In addition to this, conduct an annual audit/financial review of the books. Doing this will help protect you and your organization and will quickly bring things to light when numbers aren’t matching up.

5. Purchase our Embezzlement Insurance

Although there may be various safeguards set up to protect your funds, there is still a large risk of someone embezzling your money. Embezzlement Insurance is set up to protect your money and other cash equivalents against embezzlement, robbery, and theft.

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  • Insurance
    • PTA Insurance
      • Event Insurance
      • Embezzlement Insurance
      • Protect Your Property
      • Directors and Officers Liability
    • PTO Insurance
      • Event Insurance
      • Embezzlement Insurance
      • Protect Your Property
      • Directors and Officers Liability
    • Booster Club Insurance
      • Event Insurance
      • Embezzlement Insurance
      • Protect Your Property
      • Directors and Officers Liability
    • Other Programs
      • Parliamentarian’s Professional Liability
      • Delta Kappa Gamma
      • Dollars For Scholars
      • Educator’s Professional Liability
      • Parent Booster USA
      • Educational Foundation
      • All Pro Dads
      • Single Event Coverage
      • NSFA – National School Foundation Association
  • FAQs
  • Resources
    • Quick Reference Guides
      • Why Does My Parent Group Need Insurance?
      • Top Ways to Protect Your Organization Against Embezzlement
      • Top 10 Ways to Reduce Your Liquor Liability Exposure
      • Top 10 Things You Should Know About Insurance
      • Covered and Excluded Events
      • Reviewing Your Policies
    • Need Insurance? Start Here
    • Sample Forms
    • Description of Coverage
    • AIM Playlist of Events
    • Insurance Guide
    • Additional Insureds
    • Proof of Insurance (Certificates)
    • Report a Claim
  • Blog
  • Log In
  • Contact
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