The festival should establish tight financial control right from the beginning. It is much easier to put the controls in place from the start then trying to implement them half way through. The expression “You can’t train an old dog new tricks” applies here. The following will help start the control process:
Appoint financially knowledgeable chair of this committee
Purchase or create festival computerized accounting system
Develop detailed Chart of Accounts
Develop a tight expenditure control system with paper trail
Develop a financial checks and balances system
Develop detailed financial policies and procedures
Develop written cheque approval system
Develop simple financial reporting form for each festival committee
Appoint one person per festival committee to be responsible for that committee’s finances
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