Hi Class,

As you know, Dodge Cup, the annual hockey game between Kinesiology and Business is coming up on the evening of Tuesday, November 21st. Were on the hunt to achieve an illusive 5-peat.

As part of the action, well also be raising funds for S.M.I.L.E, an amazing program on Acadias campus through operating beverage services at the game. To keep things simple this event will be run as a cash only event at the arena. Heres what were thinking:

$2.00 per person admission

Free hot apple cider and seasonal snacks (apple chips and toasted pumpkin seeds)

Horton Ridge Beer $4.00 per bottle (served in a plastic glass)

STUTZ Hard apple cider $5.00 per bottle (served in a plastic glass)

Lightfoot & Wolfville Tidal Bay Wine $5 per glass (served in a plastic wineglass)

Plenty of plastic glasses are available from previous events.

$500 for equipment rent and custodial services. To be paid in cash to the custodial staff member responsible for opening, closing and supervising clean up.

Congestion in the two beverage services areas (beer and wine/cider) has been a problem at similar events in the past, so we want to avoid having our volunteer bar staff making change. Any unopened beverages can be returned to the liquor store for a full refund. We dont need to settle up with the liquor store until after the event. I have arranged for Valley Re-cycling to pick up the empty refundable beverage containers after the event.

I am anxious about all the cash that is going to change hands during this short period (we anticipate a large crowd) and want to be able to assure other members of the Fallfest team that proper controls were in place. Please provide me with a simple set of instructions to follow to ensure proper reporting, accounting and control over cash. And thank you for agreeing to provide this service on a pro bono basis.

In Acadia Spirit,

Meg

REQUIRED

Write a maximum 2 page memo outlining accounting issues, potential internal control risks associated with the event, and actions that can be taken to manage, mitigate, or accept the given risks

Cleary state any assumptions and assertions used