Session 102: Treasurers for Non-Treasurers
Jennifer Young, Treasurer Virginia PTA2012 Annual ConferenceJuly 13, 2012
The ABC’s
Audits, Budgets, Controls
• Learn who does an audit and when.
• Learn how to develop a budget.
• What controls need to be in place to correctly maintain the PTA/PTSA’s funds.
In this session we will:
• Before a new treasurer takes over• At the end on each fiscal year
– Should be done within a month of year-end– Should be done right away if treasurer resigns
When do you Audit?
Who completes the Audit?
• An auditing committee of at least three– Can not be signers on the unit’s account(s)
• Or an accountant or person with excellent working knowledge of PTA accounting procedures.
What is Audited?
• Treasurer’s reports• Check book and register• Bank statements• Deposit slips• Receipts• Receipt book• Previous audit report
• Present audit report at the general meeting.• Written audit report given to President,
Secretary and Treasurer.• President calls for approval of the audit
report. This is the actual acceptance of the monthly financial reports that had been put on file.– Auditor or auditing committee all sign and date
the report at the time it is filled out
Audit Report
Questions?
Budget: Supply Line• Development
– Look at actual income and expenses from last yr.– Look at what income is needed to achieve goals.– Decide what will be added or deleted.– Make sure to include money for training,
advocacy, and leadership development.– Include start up funds for next year
Budget: Getting it Approved
• Present it to the full board • Make approved adjustments• Present it to the general membership for
approval
Live within the Approved Budget
• Only approved expenses can be paid• If an expense is in the budget, it can’t be voted
against as the budget has already been approved
• Budget changes must be approved by 2/3 vote at a general meeting
• Keep track of each line item’s income and expenses.
Are you using it to further your purpose/mission?For every fundraising activity, there should be at least
three non-fundraising projects/programs aimed at helping parents or children or advocating for school improvements:
FundraiserPrograms
Gift Wrap Catalog Sales Take Dad to School Day
Fall Carnival
Reflections Program
The 3-to-1 Rule
PTA Fundraising• You don’t need to have a fundraiser• Don’t raise funds, just to raise funds – you
should have a purpose for the money• Plan what you want to do then plan how to
raise funds to do it• No set amount that you can have, but if you
have savings account, it should be earmarked for something
Questions?
501(c)(3) Organization • Sales tax exempt - Income tax exempt• Donations by donors are treated as charitable contributions for tax
purposes• Must be organized and operate according to the mission set forth in the
bylaws:
Advocate for the health, education and welfare of all children.• Non-sectarian• Non-commercial• Non-partisan
--Cannot engage in political activity--CAN engage in insubstantial amount of lobbying
• Resources cannot be used for private benefit
IRS Form 990
All units must file 990, 990-EZ, or 990-N e-Postcard by the 15th of the 5th month after the end of fiscal year.
Insurance
• Check the renewal date of the policy• All treasurers (and officers) should be bonded• RV Nuccio offers insurance to PTAs or you can
get insurance from any other company
• Have bank statements sent to school• Have a non-signer go over the bank
statements (required by some insurance plans)
• Reconcile statements in a timely manner
Banking
To Protect the Association and the Officers:
• Never sign a blank check• Never mix PTA money with school money• Never open a credit card• Never hold PTA money overnight
Handling Money
• Try to avoid cash if possible• Always have two people count the cash• Fill out and sign cash verification form• Treasurer counts cash with chair• Treasurer gives chair a receipt for cash and
keeps a copy• Deposit slip filled out and deposit made
Writing Checks
• Have up-to-date signature cards on file at bank
• Always have two signatures on checks– Married couples and family members should
never be on the account together• Never sign a blank check• Get receipts before signing the check
Financial Statements
• Provided at each meeting– Balance from last meeting– Plus the itemized income– Less the itemized expenses– Current balance– Budget vs Actual
Resources
• Money Matters from National PTA • Financial section in VA PTA LURG• State Treasurer• Leadership Training Conference• National PTA E-learning• District Training Events
For more information contact:Jennifer Young, Treasurer, Virginia PTA
www.vapta.org