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16 Sep 2008

Practical Aspects of Cash Management (Real life problems). Presented by Mr Cheng Soon Keong, Director. 16 Sep 2008. Agenda. The Perennial Resource / People Issue Risks in Cash / Cheque Handling Common Cash Management Tools. The Perennial Resource / People Issue. $1.21 million

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16 Sep 2008

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  1. Practical Aspects of Cash Management (Real life problems) Presented byMr Cheng Soon Keong, Director 16 Sep 2008

  2. Agenda • The Perennial Resource / People Issue • Risks in Cash / Cheque Handling • Common Cash Management Tools

  3. The Perennial Resource / People Issue • $1.21 million • Sean Lee went missing in October 2005

  4. The Perennial Resource / People Issue • Roles and Responsibilities of Treasurer Roles & Responsibilities of Treasurer • Is a member of the Board • Oversees finances of the organization • Responsible for annual budget • “Key person” for formulating financial policies and procedures  Held responsible with personal liabilities?

  5. The Perennial Resource / People Issue • Finding the Right Person Sources • Board members • Support groups like NVPC • Interest groups Challenges • Time / attention • Honorarium?

  6. Risks in Cash / Cheque Handling • Problems with cheques • Forgery • Room for “add-ons” • “Cash Cheques” • Who checked the supporting documents? • “ASSUME” • Hunting down the signatories? • “Boss say pay”

  7.   2 Twenty Risks in Cash / Cheque Handling • Problems with cheques:  Space in front  Cash Cash 2,000.00 Two Thousand Only

  8. Risks in Cash / Cheque Handling • Problems with cheques:  Forged signature ABC Pte Ltd 2,000.00 Two Thousand Only 

  9. Standard Payment Controls Cannot Detect Other Common Possible “Leakages” • Leakages in Revenue / Receipts • Forgot to bill • Forgot to collect • Fundraising cost • Leakages through Liabilities Commitment • Unauthorised commitment • “Interested Party Transactions” • Bulk Purchases

  10. Common Cash Management Tools

  11. THE END Thank You - Q&A -

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