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Becoming Bonded

18 years 8 months ago #55664 by Conniekins
Becoming Bonded was created by Conniekins
We are currently looking into becoming incorporated and have been suggested that I (the Treasurer) become bonded. How do I go about this and what is the cost?
18 years 8 months ago #55665 by MrBill
Replied by MrBill on topic Becoming Bonded
You can contact your insurance agent about getting a bond. It's usually not expensive. However, a bond is not full-proof. For example, if a treasurer was suspected of taking funds from a PTO, it would have to proven that the treasurer is guilty, before the bond would pay off. It's not like filing a claim against your policy.
18 years 8 months ago #55666 by Dottie
Replied by Dottie on topic Becoming Bonded
After we had 16,000 taken by a treasurer we have it in our bylaws that the treasurer must be bonded. We did press charges and did recover our money. We have our bond though our local State Farm office and it runs us 90.00 a year. Now it does not cover theft say from someone stealing it out of your car while your on your way to the bank. It's strictly for theft by the treasurer. It's a pretty intense background check and we have had treasures that could not pass the background check and then had to resign because of it. I personally feel it's the only way to go to protect your PTO against theft by a treasurer. Once burnt you learn real fast.
4 months 5 days ago #173110 by Claudia Garrett
Replied by Claudia Garrett on topic Becoming Bonded
Dottie, do you feel a personal  bond for a nonprofit treasurer is better then a position only bond? Thank you for any help.
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