Managing Fete Money
Managing Fete money – Money matters
A lot of money will change hands at your fete. It’s a huge responsibility for a treasurer. Clear procedures make it simpler. As does planning ahead
On the day, plan to have:
- a secure and lockable area set aside for the collection and counting of money
- coins and money bags
- a coin counting machine (ask your bank)
- cash on hand for every stall to create a float (with details of how much each stall started with to provide an accurate record of profits)
- sturdy bags (such as calico), two per stall (and marked with the stalls’ names). The float goes in one while the other is used for cash collection
- authorised money-handlers, who wear identification badges distinct from other fete-related badges.
- a spreadsheet to track each cash collection (carried out every hour or two).
Investigate the feasibility of a credit card or EFTPOS facility for bigger ticket items like ride passes and live/silent auction items to decrease the amount of physical cash taken on the day. You can even look into hiring a portable ATM to enhance ‘cash flow’ on the day!
As well as the regular collections, have a couple of ‘runners’ on standby for extra collections— your ride ticket booth may become uncomfortable with the amount of cash it is holding and would like it cleared out more often.
Consider whether you will need a security company to collect the takings at the end of the day. If collection is unavailable, does your bank offer a secure after-hours drop box? May have after hours deposit machines although you’d need a great procedure in place to make this work safely. Is your school safe adequate in the meantime?
Resources:
Click here for a downloadable copy of the Treasurer Resources.
This article is featured in:
