Finance

Treasury Tips:

It’s A-B-C Time for Treasury! 

A is for AUDIT …. Make certain that your annual audit is performed and reported to the general membership. Your audit committee should consist of three members who are NOT signatories on the bank accounts, or a professional outside auditor (if your membership has voted to spend the funds).

B is for BUDGET …. Prepare your budget for the 2019-20 school year.  Present it to the membership at the first meeting where it will be voted on and adopted.  This gives your PTA permission to spend the money as allocated in the budget. (Come to the new budget preparation workshop on August 18th for everything you need to know about budgets!)

C is for CHECKBOOK …. If there are new officers in your unit, then signatures need to be changed at the bank.  All PTA checks require TWO signatures.

 Questions?

Please email your AD or our Treasurer, Kate Kelly

 
 

Have questions about how to handle a 5th or 6th grade committee and fundraising events?
Click here for guidance from the NYS PTA Treasurer.

 

On This Page:

  • 10 Tips for Treasurers
  • Treasurer’s Timeline
  • More Information

10 TIPS FOR TREASURERS 2020-21
  1. Use vouchers for expenses and remittances. (Click here for samples.) This will ensure that all expenses are approved, and at least two people are counting the money.
     
  2. Have bank statements mailed to the president, so that at least two sets of eyes are checking them.
     
  3. Give a report monthly at the PTA meeting that will be entered into the minutes. You can give a verbal summary and distribute a detailed report in writing. A copy of your report should be given to the secretary to be kept on file with the minutes of the meeting.
     
  4. Conduct monthly reconciliations and enter the report into the minutes – this should be done by someone who is not a signatory on the bank account.
     
  5. Prepare a budget based on what your unit wants to accomplish. Raise funds to cover those items, not just for the sake of fundraising.
     
  6. Check monthly that budget lines are not being exceeded; a motion should be made and a vote taken on any necessary amendments.
     
  7. Make deposits immediately – do not hold on to PTA money.
     
  8. All PTA checks require 2 signatures, and no one should sign a check to themselves. So make sure that you have at least 3 authorized, non-related signatories on the bank account.
     
  9. Keep records! Click here for record keeping requirements.
     
  10. File your 990 Form every year, regardless of income, with the IRS any time after the close of the fiscal year (June 30) but no later than the deadline of November 15. Click here to see which form your unit should file.
     

Treasurer’s Timeline
July 1 New treasurer takes over –
File new signature cards at bank
July/August
 Review unit resources and procedures
Prepare budget for presentation to members
September
 Budget approval by membership at first meeting
October 31
 First membership payment due
November 15
 File taxes: 990-N or 990-EZ
Monthly
 Treasurer’s reports,
Reconcile accounts
Ongoing
 Process vouchers, make deposits, pay bills, monitor expenditures, recommend budget changes
April/May
 Pay insurance
May
 Budget development for next year
May 31
 Final membership payment due
June
 Annual report
First week of July
 Audit PTA records/accounts

More Information
Need to check your unit’s overall financial health? Here is an all-in-one CHECKLIST to complete each year that will let you know where your unit can improve its financial controls and accountability to your members. Do we really have to keep all these files for 3 years? 7years? Forever? Maybe! Check HERE to see how long each item needs to be retained.
Running a PTA is actually running a non-profit corporation with all the rules and regulations that entails. Click HERE to read all about the current federal and state requirements. Need to find out if your next planned activity is safe? Check HERE for the latest Red Light, Yellow Light, Green Light list from the insurance company.
Need a form? Chances are we have a sample HERE that you can adapt for your PTA. Not sure which form to file with the IRS? Check the chart HERE.
LINKS to Additional Resources