You have been asked by the board of trustees of a university to review its accounting procedures. As part of this review you have prepared the following comments about the collections made and record keeping for pledges and contributions: The board of trustees has delegated responsibility for financial management and audit of the financial records to the finance committee. This group prepares the annual budget and approves major cash disbursements, but is not involved in collections or record keeping. No audit has been considered necessary in recent years because the same trusted employee has kept university records and served as financial secretary for 15 years. The collection is taken by a team in the advancement office. The head the team counts the collection in the office on daily basis. She then places the collection and a notation of the amount in the safe. The next morning, the financial secretary opens the safe and recounts the collection. He withholds about $100 to meet cash expenditures during the coming week and deposits the remainder intact. To facilitate the deposit, donors who contribute by check are asked to enter "Cash" on the payee line. At their request, a few donors are furnished prenumbered, predated envelopes in which to insert their donations. The head of advancement removes the cash from the envelopes to be counted with the loose cash included in the collection and discards the envelopes. No record is maintained of issuance or return of the envelopes, and the envelope system is not encouraged. Each Donor is asked to prepare a contribution pledge card annually. The pledge is regarded as a moral commitment by the donor to contribute a stated weekly amount. Some donors have inquired about having weekly contributions automatically withdrawn from their bank account or charged to their credit card, but the university has not established procedures that would allow payments other than by cash or check. Based on the amounts shown on the pledge cards, the financial secretary furnishes a letter to members, upon request, to support the tax deductibility of their contributions. Required Identify the deficiencies and recommend improvements in procedures for collection made at weekly services and record keeping for members' pledges and contributions. Use the methodology for identifying deficiencies. Organize your answer sheets as follows: Deficiency Recommended Improvement