Transfer of Funds

Discuss basic duties of stake and ward clerks, including where to begin.
mklobaas
New Member
Posts: 27
Joined: Sat Jul 04, 2009 9:42 am
Location: Vacaville, CA USA

Transfer of Funds

Postby mklobaas » Mon Sep 07, 2009 7:27 pm

Brethren,

It is necessary to move funds from the stake to a ward.

Can this be done by merely reallocating the funds? Or, for audit purposes, is a paper trail necessary? What kind of document would constitute an audit-friendly trail?

thank you,

Michael Klobas
Stake Clerk

User avatar
aebrown
Community Administrator
Posts: 14685
Joined: Tue Nov 27, 2007 8:48 pm
Location: Sandy, Utah

Postby aebrown » Mon Sep 07, 2009 8:43 pm

mklobas wrote:It is necessary to move funds from the stake to a ward.

Can this be done by merely reallocating the funds? Or, for audit purposes, is a paper trail necessary? What kind of document would constitute an audit-friendly trail?


I assume you are talking about Budget funds. If so, it is simply a matter of reallocating funds, and letting the ward know of its new allocation. There are no audit questions that would be concerned with such a transfer, anyway.

You could write a check from the stake to the ward, but that would seem to skew the issue -- then it would look like the stake had spent more, and the ward less, than acutally had occurred. If you simply reallocate funds, then your stake records of the budget allowance will reflect the amount that was actually allocated to the ward, and you can more accurately compare expenses to budget.

jdlessley
Community Moderators
Posts: 6522
Joined: Sun Mar 16, 2008 11:30 pm
Location: USA, TX

Postby jdlessley » Mon Sep 07, 2009 9:02 pm

mklobas wrote:It is necessary to move funds from the stake to a ward.

Can this be done by merely reallocating the funds?
If you are talking about budget allowance then the answer is yes.

mklobas wrote:Or, for audit purposes, is a paper trail necessary?
The stake financial summary provides all the paper trail necessary for tracking budget information for the stake. The only aspect of the budget allowance that is checked in an audit is whether the stake has overdrawn its budget allowance. The Church does not require the budget itself to be reconciled. However, the stake may require a reconciliation of the budget during an audit. The only paperwork to do this is the budget report from MLS.
JD Lessley
Have you tried finding your answer on the LDS.org Help Center page or the LDSTech wiki?


Return to “Getting Started for New Clerks”

Who is online

Users browsing this forum: No registered users and 1 guest