Bonding the Treasurer
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Bonding the Treasurer One of our club members asked if it is wise to bond the Treasurer. She read an article promoting it. I'm looking for opinions and ideas for who/what companies to contact for prices and other requirements. If you don't bond the Treasurer, how do you protect against fraud? We use TDAmeritrade and the President and Treasurer have the sign-in information, so either can buy/sell investments. Our club has been in existence for about 20 years, with a pretty stable membership and no reason (thus far) to mistrust each other. Thank you! Gretchen Smith
On Tue, Apr 26, 2016 at 10:02 PM, Gretchen Smith via bivio.com wrote: One of our club members asked if it is wise to bond the I can't see why. After all we never have had aa. Issue. I been member since day one when Naomi was our first president no worries. Verna Sent from Verna's iPhone > On Apr 26, 2016, at 9:02 PM, Gretchen Smith via bivio.com <user*27523600001@bivio.com> wrote: > > One of our club members asked if it is wise to bond the > Treasurer. She read an article promoting it. I'm looking for > opinions and ideas for who/what companies to contact for > prices and other requirements. If you don't bond the > Treasurer, how do you protect against fraud? We use > TDAmeritrade and the President and Treasurer have the > sign-in information, so either can buy/sell investments. Our > club has been in existence for about 20 years, with a pretty > stable membership and no reason (thus far) to mistrust each > other. Thank you! Gretchen Smith My club created a universal account on TDAmeritrade so all partners may view anything that is reported or recorded there. We assume that everyone visits both the brokerage site and Bivio so I don't print reports that they can generate themselves. We perform an audit at every monthly meeting and we just don't worry. about fraud. The premium for the bond was more than my partners were willing to spend for no big increase in peace of mind. After 20 years, we decided that we trusted one another enough to forego the additional; expense. Mike Jones Wall$treet Wannabees From: Gretchen Smith via bivio.com <user*27523600001@bivio.com> To: club_cafe@bivio.com Sent: Tuesday, April 26, 2016 9:02 PM Subject: [club_cafe] Bonding the Treasurer One of our club members asked if it is wise to bond the Treasurer. She read an article promoting it. I'm looking for opinions and ideas for who/what companies to contact for prices and other requirements. If you don't bond the Treasurer, how do you protect against fraud? We use TDAmeritrade and the President and Treasurer have the sign-in information, so either can buy/sell investments. Our club has been in existence for about 20 years, with a pretty stable membership and no reason (thus far) to mistrust each other. Thank you! Gretchen Smith Mike, It sounds great that your club audits every month; my clubs audit annually. I'm sure that makes your annual audit a snap. I can't imagine that you perform a complete audit each month, so what items do you check and how long does the audit usually take? We rarely finish on time as it is. How have you fitted it into your agenda? Thank you,
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