EmpoweringStewardship | Financial Controls Assessment

Financial controls (or internal controls) are those processes that help an organization meet their business goals by reducing risk. How do your processes measure up? Take the following assessment to determine the strength of your controls and whether additional controls are necessary.

1. Are financial policies and procedures written and up-to-date?
- Yes
- No
- Some are
2. Are accounting records kept up-to-date, balanced and closed regularly?
- Yes
- No
- Sometimes
3. Are financial statements or other reports prepared?
- Yes
- No
- Sometimes
4. Does a church officer take an active interest in the financial affairs of the church, to include reviewing financial reports?
- Yes
- No
- Sometimes
5. Is there an annual budget prepared and monitored by the church's governing board?
- Yes
- No
- Sometimes
6. Are new employees and volunteers with access to cash or financial transactions properly screened and bonded?
- Yes
- No
- Sometimes
7. Are volunteers properly trained and supervised?
- Yes
- No
- Sometimes
8. Does the church maintain an up-to-date inventory record of noncash assets, fixed assets, and equipment?
- Yes
- No
- Sometimes
9. Are regular reviews performed to determine if insurance coverage is adequate?
- Yes
- No
- Sometimes
10. Are investments made by authorized persons?
- Yes
- No
- Sometimes
11. Are contributions collected and counted in the presence of 2 or more people?
- Yes
- No
- Sometimes
12. Are contributions counted in a secure area and placed in a safe or lock box until deposited?
- Yes
- No
- Sometimes
13. Do the money counters verify the contents of the offering envelopes match the amounts written on the envelopes?
- Yes
- No
- Sometimes
14. Are checks endorsed 'for deposit only'?
- Yes
- No
- Sometimes
15. Is all cash collected and deposited by someone other than the bookkeeper?
- Yes
- No
- Sometimes
16. Are cash count summary sheets signed by the people who counted the offering?
- Yes
- No
- Sometimes
17. Are the count summary sheets, copies of the deposit slips and the bank deposit receipts reconciled by someone not involved in making the deposit?
- Yes
- No
- Sometimes
18. Are donations for restricted purposes recorded properly in the accounting records?
- Yes
- No
- Sometimes
19. Are contributions recorded to the donor records on a timely basis?
- Yes
- No
- Sometimes
20. Are donor records reconciled to contribution totals recorded in the general ledger?
- Yes
- No
- Sometimes
21. Are regular contribution records sent to donors, including year-end summaries?
- Yes
- No
- Sometimes
22. Are contribution acknowledgements sent for all single contributions over $250 or more?
- Yes
- No
- Sometimes
23. If no goods or services were provided (other than intangible religious benefits) in exchange for a gift, does the contribution receipt include a statement to this effect?
- Yes
- No
- Sometimes
24. Are purchase orders or requisitions required for disbursements?
- Yes
- No
- Sometimes
25. Are payments made from original invoices?
- Yes
- No
- Sometimes
26. Are all disbursements made from prenumbered checks?
- Yes
- No
- Sometimes
27. Are payments reviewed by another person before the check is signed?
- Yes
- No
- Sometimes
28. Are invoices approved by an authorized person (or matched to an authorized purchase order) before payment is made?
- Yes
- No
- Sometimes
29. Are checks signed only when accompanied by original supporting documentation?
- Yes
- No
- Sometimes
30. Are voided checks marked 'void' and kept on file?
- Yes
- No
- Sometimes
31. Is blank check stock safeguarded at all times?
- Yes
- No
- Sometimes
32. Is the petty cash fund assigned to a petty cash custodian?
- Yes
- No
- Sometimes
33. Is the petty cash fund reconciled at least once a year by someone other than the custodian?
- Yes
- No
- Sometimes
34. Are all disbursements from petty cash supported by vouchers or receipts?
- Yes
- No
- Sometimes
35. Are wire transfers, EFT, or transfers between bank accounts properly authorized?
- Yes
- No
- Sometimes
36. Are bank reconciliations prepared by someone other than the person who writes the checks?
- Yes
- No
- Sometimes
37. Are all bank accounts, including savings and investment accounts reconciled monthly?
- Yes
- No
- Sometimes
38. Does the church governing board approve all new hires and pay rate changes?
- Yes
- No
- Sometimes
39. Are weekly payroll reports reviewed by someone other than the preparer?
- Yes
- No
- Sometimes
40. Does a church officer periodically review payroll checks and journals?
- Yes
- No
- Sometimes
41. Are payroll tax form 941, W-2s and other required documents filed with appropriate federal and state authorities?
- Yes
- No
- Sometimes
42. Your Name / Ministry Name
43. Contact Email:

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