collecting of fundraising money

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jenniferzhang
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collecting of fundraising money

Postby jenniferzhang » Sun Mar 19, 2017 5:50 pm

My Bishop has approved a fundraiser for YW camp. What is the best way for the YW to collect funds? We are accepting cash and checks. Should the checks be made payable to a YW leader or to the ward? Can the YW leaders wait until the end of the fundraiser to make one deposit? There are some upfront costs with the fundraiser that the YW leaders need to be reimbursed for before allocating the rest of the funds to YW camp.

lajackson
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Re: collecting of fundraising money

Postby lajackson » Sun Mar 19, 2017 6:20 pm

jenniferzhang wrote:My Bishop has approved a fundraiser for YW camp.

The rest of your post is absolutely breathtaking. So, start with Handbook 2 on how to handle the project.

Then get guidance from your bishopric on how the finances are to be properly handled. You will have to ask because those instructions are not available to you. They are in Handbook 1 and other places. Your bishopric will help you understand the process for an advance and to whom funds may be given later as the project progresses. Ideally, your clerk(s) will keep track of every individual donor and donated amount by name. And there are other things they will ask you to do that will help with the process of properly accounting for the fundraiser.

russellhltn
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Re: collecting of fundraising money

Postby russellhltn » Sun Mar 19, 2017 9:29 pm

jenniferzhang wrote:There are some upfront costs with the fundraiser that the YW leaders need to be reimbursed for before allocating the rest of the funds to YW camp.

If the YW leader doesn't want to wait until funds from the fundraiser is available, advance the monies needed from the YW budget and then when there are some funds available in the YW Fundraiser account in "other", recategorize the expense.

In addition to lajackson's advice above, I'd suggest reviewing the use of the other account so you'll know what to expect and how to handle closing it out when everything is done.
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aebrown
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Re: collecting of fundraising money

Postby aebrown » Mon Mar 20, 2017 8:12 am

jenniferzhang wrote:Should the checks be made payable to a YW leader or to the ward?

Checks should always be made out to the ward. All money should be handled like any regular donation -- given to a member of the bishopric only, and deposited by a bishopric member and (typically) a clerk.

jenniferzhang wrote:Can the YW leaders wait until the end of the fundraiser to make one deposit?

YW leaders won't be making the deposit; as I mentioned above, the bishopric member and clerk will be doing it. And, following normal procedures for deposits, those deposits will happen each Sunday (except for rare exceptions, which have nothing to do with the timing of the fundraiser).

I would emphasize what others have counseled -- study the relevant handbook sections and counsel with the bishopric and/or clerks for guidance. Handling money following approved procedures protects everyone involved -- the donor, those handling the money, the bishopric, and the Church.


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