Internal Controls for Special Events
Many relief associations plan to hold special events or fundraisers this summer. For a relief association hosting a special event, written policies and procedures documenting internal controls for the handling of funds at the event are important. Approval of the policies and procedures by the relief association’s board of trustees emphasizes their importance and authority.
Documenting the policies and procedures will help people who work at the event understand their role in the internal control system. Documentation will also improve the efficiency and consistency of transaction processing and will support risk identification, evaluation, and mitigation. The documentation should:
- Describe procedures as they are intended to be performed;
- Indicate who is responsible for performing each procedure; and
- Explain the design and purpose of control-related procedures.
A Statement of Position answering some questions frequently asked regarding internal controls can be found on the OSA website.
Additional information that is specific to relief association fundraising activities is provided in a separate Statement of Position on the OSA website. This document provides suggested practices for relief associations holding fundraisers or soliciting donations and information about donations from a relief association to the affiliated municipality.
Published last in the June 2023 Pension Newsletter