Advancement · Grants and Funding

Two sets of eyes
on every dollar.

Go through sixteen controls in four groups, from who approves a payment to who holds the bank login. Log what you find with an owner and a date. The checklist counts what is in place and reminds small organizations how to separate duties when there are only one or two people.

Start a reviewWhat you get
$5one-time · every device you sign in on
Buy · $5

Included with Caveat Classroom and Whole-school licenses. Or get it in the Grant writer’s desk, $49 for 32 items.

Reviews

The worked example is made up: a school foundation with one staff member, an unsigned reconciliation past its fix-by date and a bank login only one person holds, and a booster club with everything in place. Records save on this device only.

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What you get

Advancement · Grants & Funding$5 · included with Classroom and Whole-school licenses

What you finish with
A record per review with organization, period, budget, people who handle money and reviewer; sixteen controls in cash and banking, spending, governance, and assets and access; exceptions with owner, fix-by date and status; counts of controls in place and open exceptions; flags for a small staff, overdue exceptions and controls not in place.
Who it is for
Treasurers, finance committee members and board chairs of nonprofits, school foundations, PTAs and booster clubs, and the staff who keep their books.
Format
Browser checklist with a saved record per review. Prints a review for the finance committee, every review or a blank checklist; downloads a spreadsheet (.csv); exports and imports a file.
Access
$5 one-time, yours on every device you sign in on; the tool opens once you are signed in with it. Included with Caveat Classroom and Whole-school licenses. Also in the Grant writer’s desk ($49) and the Advancement Suite pass ($99), and 1 more bundle. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Grants & Funding space in Caveat Advancement.
Support
Questions about access, an order or a correction: team@caveatacademic.com.

How to use it

  1. Start a review each quarter, or once a year for a small club.
  2. Go through the sixteen controls with the treasurer and whoever keeps the books.
  3. Log each gap as an exception with an owner and a fix-by date.
  4. Bring the open exceptions to the next board or committee meeting.
  5. Print the review for the minutes.

Start a review

Separation of duties

Separate the duties, even in a small groupAuthorize1Custody2Record3Review4no one doesall fourAuthorizeapprove spendingCustodyhandle cash, sign checksRecordkeep the booksReviewread statements, reconcileSeparate the duties, even in a small groupAuthorize1Custody2Record3Review4no one doesall fourAuthorizeapprove spendingCustodyhandle cash, sign checksRecordkeep the booksReviewread statements, reconcile
With only one or two staff, board members take the approval and review duties. That is the single most effective control for a small organization.

Why controls matter in small groups

Most losses in small organizations come from one trusted person doing everything: collecting, paying, recording and reviewing. Splitting those duties, reviewing bank statements monthly and requiring two people on every payment protect the organization and the volunteers who handle the money.

What the Form 990 asks

The Form 990 asks whether the organization has a written whistleblower policy and a document retention and destruction policy, whether the board reviewed the return before filing, and whether financial statements were audited or reviewed. Funders often ask the same. Good controls make those answers easy.

Sources

  1. Internal Revenue Service. Instructions for Form 990, Part VI (governance and policies) and Part XII (financial statements and reporting) (irs.gov).
  2. Internal Revenue Service. Publication 4221-PC, Compliance Guide for 501(c)(3) Public Charities (irs.gov).
  3. Committee of Sponsoring Organizations of the Treadway Commission (COSO). Internal Control: Integrated Framework (coso.org).
  4. National Council of Nonprofits. Financial management and internal controls guidance for nonprofits (councilofnonprofits.org).

The worked example is made up. Funders, state law and your bylaws may require specific controls or audits; follow them. This is not accounting or legal advice. Nothing you type is sent to Caveat. Support: team@caveatacademic.com.