Last month, for example, a woman in the Phoenix area was charged with stealing nearly $60,000 from her group, including cash contributions. The money, which was intended for field trips and extracurricular activities, reportedly went to feed a drug problem.
We often hear stories like this. Parent group embezzlement doesn’t happen like a bank heist with armed robbers bursting in and snatching up all the money. It often happens over a period of time in small increments and frequently involves someone who has personal problems.
And stories like the one from Phoenix aren’t new. We’ve been working with groups for years to help them implement financial safeguards. Check out this video we posted last September with PTO Today founder Tim Sullivan. It’s a response to a series of embezzlement stories in September 2014.
Tim’s advice continues to hold true: Groups need to implement financial controls to help prevent embezzlement and should consider insurance as a way to further protect the group should a theft occur.
For more information on financial controls, check out these articles:
Protect Your Group From Embezzlement
10 Tips for Handling and Protecting Your Assets
To get information on insurance through PTO Today, go to our insurance pages or call our leader support team at 1-800-644-3561.
