Policy Statement:

Lakeway Christian Schools (LCS) recognizes the significance of maintaining strict control and accountability over cash receipts, particularly in scenarios involving sporting events, concessions, ticket sales, and other cash-related activities. The purpose of this policy is to establish comprehensive guidelines and procedures for the handling, preparation, and safeguarding of cash receipts and bags.

Cash Receipt Handling:

• Point of Sale (POS) Systems: Whenever possible, LCS utilizes Point of Sale (POS) systems equipped with reporting capabilities for transactions such as concessions. These systems generate detailed transaction reports, providing an essential backup for cash receipts.
• Box Office Software: For ticket sales and related activities, LCS employs box office software solutions that facilitate the sale of tickets, generate electronic records, and offer reporting functionalities.
• Cash Drawer Assignments: Cash drawers assigned to specific individuals for events or activities are prepared in advance, with meticulous attention to detail. Each cash drawer must adhere to the following procedures:
  • Cash Count: Before the start of any event, cash drawers are counted to ensure the initial cash amount matches the predetermined starting balance. Any discrepancies must be reported and resolved before the event begins.
  • Coin and Currency Separation: Cash drawers should have clearly designated sections for coins and currency notes to facilitate easy access and accurate counting during transactions.
  • Sequentially Numbered Cash Bags: Each cash drawer should be accompanied by sequentially numbered tamper-evident cash bags. The starting balance and bag number should be recorded for audit purposes.
• Cash Handling Training: Individuals responsible for handling cash drawers receive adequate training to ensure the accurate counting, identification of counterfeit currency, and secure handling of cash.

Cash Collection and Security:

• Cash Drops: During events or activities, cash drops are conducted at designated intervals, and excess cash is removed from cash drawers. The removed cash is placed into the assigned sequentially numbered cash bags.
• Bag Sealing and Authentication: Once excess cash is placed in cash bags, the bags are securely sealed and initialed by the cash handler. The initiation serves as evidence that the bag's integrity has been maintained.
• Transportation of Cash Bags: Transporting cash bags to the central office or a secure cash holding location should be done with utmost security and care. Designated personnel responsible for cash transportation should adhere to strict security protocols.

Reporting and Reconciliation:

• Transaction Reporting: POS systems and box office software generate transaction reports for all cash-related activities. These reports serve as vital documentation and backup for cash receipts.
• Reconciliation: After each event or activity, a reconciliation process is performed to verify that the cash collected matches the reported transactions. Any discrepancies are immediately addressed and investigated.

Safe Storage:

• Cash Holding Location: All cash bags are securely stored in a designated and locked cash holding location. Access to this location is restricted to authorized personnel only.
• Dual Control: Dual control measures are in place for access to the cash holding location, ensuring that no individual has sole access to the cash bags.

Documentation and Record Keeping:

• Bag Tracking: A detailed record of sequentially numbered cash bags, including the date, bag number, and initialing, is maintained for auditing purposes.
• Transaction Records: Transaction reports, event records, and reconciliations are retained for a specified duration in accordance with LCS's record retention policy.

Training and Compliance:

All LCS employees and authorized personnel involved in cash handling are required to undergo training and adhere to this policy. Non-compliance with these cash handling procedures may result in disciplinary action.

Review and Audit:

This policy is subject to periodic review and audit to ensure compliance and effectiveness in maintaining the security and accuracy of cash receipts and bags.