Posts Tagged ‘volunteer theft’

Rise in Little League Crime Claims

| Crime

All leagues are at risk for theft and embezzlement

The  article Crime Insurance Steps Up to Plate for Little Leagues as Thefts Rise details recent theft and embezzlement cases in Little League Baseball, Inc.  Sadler Sports Insurance clients have experienced a similar uptick in Crime Insurance claims over the past several years. In the past, we blogged about risk management controls to reduce the possibility of crime claims but there is no substitute for Crime Insurance, which provides important protection at a very reasonable cost. For most sports organizations, a $25,000 limit if offered at a premium of $175.

Source: Insurance Journal, July 5, 2011

League President Accused of Stealing $800,000

Preventing volunteer theft

A North Texas soccer league is reeling after news broke regarding inside theft of club funds. Parents of the Solar Soccer Club players are alleging that the trusted former club president  stole hundreds of thousands of dollars, leaving them in the lurch financially. David Ringer is accused of siphoning more than $800,000 from them over the last five years, and was apparently the last man many of them would suspect.

A sports organization must implement procedures to protect against volunteer theft such as counter signatures on checks, bank statement reconciliation by someone not authorized to deposit or withdraw, and an annual financial audit by the board. For more information on reducing the risk of volunteer theft, see our article Crime Insurance for Sports & Recreation Organizations.

Below is yet another example of volunteer theft in youth sports.

Source: Brett Shipp, WFAA, April 9, 2011.