Trusting the Treasurer: Faulty Fraternity Faith
Keywords:
finance, accounting controls, treasurer duties, organizational theftAbstract
The newly appointed treasurer of a university fraternity was looking to exercise the business .finance skills he was learning in his undergraduate major. He was both excited and serious about this opportunity to manage approximately $40,000 of funds collected and dispersed annually by his fraternity. It would also be a good addition to his resume. Although his seriousness was sustained, the excitement soon waned. Shortly after taking office, he wrote his .first check to an account payable. When the check bounced, he discovered that there was little to no money in the fraternity’s account.
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