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CASH MANAGEMENT

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  1. CASH MANAGEMENT Bob Deegan, Deputy Director, Special Nutrition Programs USDA Food and Nutrition Service, Northeast Regional Office

  2. Why talking about Cash Management? • $418,876 stolen from Concord NH 1999-2006 by District’s bookkeeper • $335,000 from East Lyme CT by FSMC’s FSD 2004-2010 • Lots of smaller thefts, but all have lack of basic management controls in common • Keeps your food service operation from making as much money and from increased financial independence with the District

  3. Who’s food service operation has had a theft?

  4. Should be part of your Business Plan • Cash management is one piece of a well run and profitable business operation along with: • Inventory management • Production records • Portion control/plate waste • Effective procurement • Marketing • Etc.

  5. Cash Management at the POS • If you don’t have a computerized operation – lobby your District to get one • Minimize time & confusion at the POS by: • Use 25 cent increments in pricing to the greatest extent • Encourage families to pay online or add money other time than at lunch (can Main Office collect money?) • Use pre-numbered receipts • Endorse checks right away • Train cashiers, especially on what constitutes a reimbursable meal, and spot check them • Look for “stuff” by the POS (bobby pins, gum, etc.)

  6. Cash Management at the POS cont’d • Count-out cash drawers at the end of shifts • Protects cashiers from future suspicion • Set a tolerance limit for shortages/overages • One drawer per person • Document any cash transfers between drawers • Keep good records • Balance system totals by reconciling daily cash register readings to daily deposits

  7. Now what do I do with the $ • Establish written procedures for how cash will be reconciled and deposits made • Limit/control access to cash • As few staff as possible should handle cash • Use two-person control to segregate duties between person receiving cash and person maintaining the accounting records • Need increased oversight if staffing levels prevent two-person control

  8. Now what do I do with the $ cont’d • Get a secure storage container or use the school’s safe • Don’t keep cash in unlocked desk drawers, file cabinets, etc. • Make regular deposits • Always reconcile deposits promptly • Keep good records • Use bonded couriers for bank deposits if not making them yourself

  9. Communications - The most important part of Cash Management • Talk to people and learn from their advice/mistakes • School business officers • Good people to reconcile monthly bank statements with • Fellow food service managers, directors • SNA members good starting point • Others in retail businesses with high cash flow • Universities and colleges tend to have very comprehensive Cash Management procedures

  10. Cash Management • It’s not just $ that’s walking out the door

  11. Cash Management • Use good inventory management and conduct periodic inventories of highly pilferable foods and equipment • Mark equipment • Use production records to detect changes • Consider installing cameras at key locations • Make sure they are aimed to show faces • Only use clear plastic trash bags

  12. My Plate

  13. Questions?