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We have problem similar to this on campus with a few of our student organizations. Some of the newer (and some older) organizations do not open up bank accounts and the treasurer is holding onto all the money they collect (almost all in cash I might add) without keeping ledgers.
My supervisor and I made an agreement with an organization that they would get permission to do something they usually wouldn't be able to do without a lot of notice if and only if they provided us with financial documentation. The organization claims to be doing all these really great things for the members, campus, and community, but were unable to provide any documentation to prove it... the member finally admitted the money they collected as "fundraisers for the community" and dues was only being used for parties.
An organization can completely screw itself when it doesn't take the time to open a bank account and keep track of deposits and withdrawls. It really isn't difficult to do!
I'd suggest to anyone that is questioning whether someone in their org is stealing money from the org (I've seen members and chapter advisors do it, too), ask to see the financial records and if that doesn't work, tip off the University. Most Universities have a policy for fiscal accountability, meaning the University has the right to audit the organization's financial records at any time.
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