Sorority theft costs alumna $81,000 job

[dznat187]

now this is a good reason why we should take more time to get to know potential brothers and sisters than in just like 5 minutes at a formal rush party. so glad we do informal cob-ing. i rushed for an entire semester. those sisters knew me and knew i would never do anything like that. plus, i wish my chapter ever had 36k let alone enough to steal that much....damn!

[gphiangel624]

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.

[DGMarie]

National organizations most likely have policies on the keeping of books. Normally, this would include a checking account with two signatures, and an annual audit of the books indepently by two officers, not including the Treasurer. This is good fiscal policy. Having a Treasurer handle cash in a personal bank account is just crazy.

[ISUKappa]

I believe almost all our financials are done through the Fraternity Business Service with the University. I cannot express how much easier this has made the treasurer's job in terms of bookkeeping. Though billing everything through the University means other problems arise.

[KSUViolet06]

We operate cash-free as well. Our Advisory Board includes a Financial Advisor who checks and double checks our books after they come from the Treasurer. She then sends them in to our regional officer to be checked again. They are then sent in to HQ to be reviewed and recorded. So our books pass through 3 people before HQ gets them. I'd like to think that would deter any sort of embezzlement.