15th District PTA Treasurer

Before a new (or returning) treasurer takes possession of the books, an audit of the previous year’s financial books should be audited. This audit can be done by a committee appointed by the president (usually 3 people), or by a professional, once the books are closed for the year. Signers of checks of the past or new boards cannot audit the books. The president assigns the audit committee for the year. A copy of the audit should be sent to the Kentucky PTA office by October 1. See the Kentucky Leaders' Guide for a form.

Duties of the treasurer upon receiving the books:

Change account signatures with the bank. (It’s good to have 3 authorized signers).
Buy bonding insurance for your officers—see the Kentucky PTA's Leaders Notebook.
Read the National PTA Money Matters.
Obtain the financial section of the Kentucky Leaders notebook.
Study your PTA’s bylaws and standing rules and follow them!
Meet with your budget committee. (The treasurer is the chairman of this committee.) As a committee, decide on a proposed budget for the year.
Present the proposed budget to the board and the general membership (distribute copies for everyone); obtain approval from the executive board and then the general membership for the coming year’s budget. It’s important for the budget to be approved at the first meeting of the year, or as soon as possible.
At the first general meeting, be sure to report to the general body that an audit of last year’s books has been completed, and supply a copy of last year’s budget, and year-end financial results in order for a comparison to be made with this year’s budget.
Prepare a voucher form for your board to use for reimbursement of authorized expenditures.
Train your board on the proper procedures for reimbursement, check requests, and counting money. Make sure each board member has all of the appropriate forms for the these processes.

Treasurer’s duties throughout the year:

Provide an up to date treasurer’s report at each board meeting and general meeting.
Never sign a blank check
Pay all bills by check, never by cash. (Even small purchases!)
Deposit funds promptly.
Prepare and keep financial records.
File IRS Form 990 (if your PTA grosses $25,000) and Schedule A and B when applicable by the November due date.
Keep state and national dues separate from other funds and send dues payments to the state office by the 15th of each month.
Do not write checks for items not in the budget, before obtaining approved by the board and/or general body.
Maintain a minimum of 10 general members.
Do not sign checks written to yourself. (The president also shouldn’t sign checks written to him/her.)

Important points to remember:

The treasurer should give a financial report, and show a financial statement at every board meeting with a current bank balance shown. If a report is not given, board members have a right to ask for one.
Board members should be reimbursed for their expenses—if authorization forms have been completely filled out, with receipts attached—no checks should be written to cash or without a receipt.
Only bonded members should handle money and two would be best.
Checks should always have two signatures.
Board members should count and deposit to the treasurer all PTA money turned over to them as soon as possible.
The treasurer should immediately re-count money deposited to them and a receipt should be given to the counters for all money turned in. Chairmen should keep the receipts in their procedure books.
If money cannot be given directly to the treasurer, or if the treasurer cannot take the money directly to the bank, it's best to keep it in a locked box, preferably in the school safe. A school employee should not be asked to put money in the box.
Be aware of the PTA's tax-exempt status. PTAs should not have to pay taxes on most purchases.
Remember A14300 is the PTA’s tax exempt number (different from the number used by JCPS.).
Recognition vs. endorsement—PTAs can thank businesses for their donations, but should not endorse their business.
PTA money and only PTA money should be deposited into the PTA account.
PTA money should not be deposited in any other account, or taken home.
Don’t do games of chance! Bingo, raffles…It is illegal for your PTA to conduct a game of chance without the proper license or exemption. Games of skill are not considered gaming, games of chance are.

Make sure your PTA is a unit in good standing in order for your PTA to qualify as a not for profit organization:

Adhere to purposes & policies of the PTA
Pay all dues on time
Renew bylaws every five years
Have an Employee Identification number on file at the PTA state office.
Have audit report finished and turned in to state by August 15.
Maintain a minimum of 10 members.

Forms

Treasurer's Authorization Form

Deposit Summary Form

Financial Review Form 2011 2012