Stake Deposits

Discuss questions around local unit policies for budgeting, reconciling, etc. This forum should not contain specific financial or membership information.
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wrigjef
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Stake Deposits

Postby wrigjef » Thu Jul 26, 2012 6:01 am

How do deposits run in your stake?
When I was a ward financial clerk, there were always two people with the batch from the moment the first envelope was opened to dropping the bag in the slot at the bank. Stake leaders are much busier and sometimes it's difficult. I'm just curious how it really works in other stakes.

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aebrown
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Postby aebrown » Thu Jul 26, 2012 7:46 am

wrigjef wrote:How do deposits run in your stake?
When I was a ward financial clerk, there were always two people with the batch from the moment the first envelope was opened to dropping the bag in the slot at the bank. Stake leaders are much busier and sometimes it's difficult. I'm just curious how it really works in other stakes.


In our stake, it's similar to how it's done in wards, but deposits are not nearly as common, and are not done on a regular schedule. As stake financial clerk, I arrange a time with the counselor in the stake presidency who is not the audit committee chairman to make a deposit. Most of our deposits consist primarily of checks from the wards for youth conference, or YW camp, or surplus missionary funds, etc., or from other stakes in cases where we are the agent stake for something that requires other stakes in our coordinating council to participate in funding. The counselor holds on to the checks until we've accumulated enough to justify making a deposit. The counselor and I open envelopes, verify amounts, enter them in MLS, prepare the deposit, and take it to the bank, all done together.

Although stake leaders are busy, we have never done more than a half dozen deposits in a year, so it's really not much of a burden. And most deposits take less than 30 minutes to process from start to finish, including the run to the bank (which is 2 minutes from the stake center).
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rwood90
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Postby rwood90 » Sun Aug 12, 2012 11:25 pm

an interesting comment today by the assistant area auditor on this subject: insure your traveling in one car to the bank - not one following the other.
As clear on items Alan mentions - never be alone with the deposit, if the counselor leaves the clerk's office, you also step out and lock the door until his return. All done together.
As Stake Fin Clerk I've found the leaders are very happy to get in and work the deposit and not have to hold the checks

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wrigjef
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Postby wrigjef » Tue Aug 14, 2012 7:55 am

aebrown wrote:In our stake, it's similar to how it's done in wards, but deposits are not nearly as common, and are not done on a regular schedule. As stake financial clerk, I arrange a time with the counselor in the stake presidency who is not the audit committee chairman to make a deposit. Most of our deposits consist primarily of checks from the wards for youth conference, or YW camp, or surplus missionary funds, etc., or from other stakes in cases where we are the agent stake for something that requires other stakes in our coordinating council to participate in funding. The counselor holds on to the checks until we've accumulated enough to justify making a deposit. The counselor and I open envelopes, verify amounts, enter them in MLS, prepare the deposit, and take it to the bank, all done together.

Although stake leaders are busy, we have never done more than a half dozen deposits in a year, so it's really not much of a burden. And most deposits take less than 30 minutes to process from start to finish, including the run to the bank (which is 2 minutes from the stake center).


I wish I could say that it worked as smoothly for us. I have made attempts to make a formal 15-20 min appointment in order to make a deposit but that has not worked because of other priorities. I do like the option of the President delegating to his councilor (who is not the audit chair). That is worth offering as a suggestion. Also in contrast while our stake does not have weekly deposits like wards do, we average at least 30 a year. Between acting as agent or coordinating stake for several regional initiatives and also having an area recreational camp (26 stakes) unit with its own finance only MLS. For that we take in funds from the stakes and write most of the expenses directly to BSA for camp expenses.


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