Putting financial control in place early will set the financial tone during the entire process. Even if your festival is not developed as a money-making event, fiscal responsibility is always a good policy. Here are some thoughts:
€ Develop a
workable computerized accounting system as soon as possible
€ Work with an
accountant to develop a professional Chart of Accounts
€ Develop
financial guidelines that are easy to understand and easy to follow
€ Make sure
all requests for money are in writing
€ Have all
section committees make one person responsible for committee finances
€ Make sure
all revenues and payments are recorded immediately
€ Make sure
there are receipts for all expenses
€ Prepare a
working budget early, monitor it weekly and follow it, with approved
adjustments, as necessary
€ Develop a
simple reporting system both for committees to report their finances and for
the finance committee to report to the Board of Directors
€ Appoint an
audit committee right at the start
€ Do not make
financial exceptions. Once you have your policies in place and agreed on by
everyone, stick to them with no exceptions
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