advance finance summer officers training 2020 final · summer training 2020 elena wraight,...

Thirty-Third District

Thirty-Third District PTA Officers Summer Training 2020

Elena Wraight, treasurer [email protected]

Jocelyn Sisneros, financial secretary [email protected]

Lisa Uyematsu, tax & governmental filings [email protected]


• Budgets are a guideline and can be changed or amended throughout the year

• All budget changes must be approved by the executive board and the association

• A change or amendment to the budget should result in a balanced budget; if you increase an expense line you need to increase an income line or decrease another expense line

• A motion to overspend is another way to seek approval for increased spending

• A budget change has historical value; overspending is appropriate for one-time expenses


ÒPlease remit the district, state, and national dues in a timely manner

1. Encourage units to break out the unit dues portion and the dues to council in their financial reports

2. Cross-check the memberships reported on the Audit Checklist with your council membership records

3. If using Totem for electronic membership, it is recommended to keep Totem memberships as a separate budget item and make sure you separate Totem memberships from any donations made through Totem

4. Membership contest deadlines are strict; make a note of them so you do not miss a deadline

5. Memberships are to be remitted monthly even if there is only one membership!



• E-commerce accounts and electronic banking


From the California State PTA Toolkit, page F21 Payment Via Electronic Funds Transfer/Bank Bill Pay Services Online payment systems (i.e., Electronic Funds Transfer (EFT), Bank Bill Pay Services) are an approved method of paying expenses. For Electronic Funds Transfer (EFT payments) a separate bank account should be established to restrict Internet access into the general checking account with account signers as listed in the minutes. Use of this account should be limited to online payment collections and online payment of expenses. An “authorization to transfer funds” form must be used to transfer funds into the Internet account from the general checking account. If using the Bank Bill Pay Service, a separate account is advisable. All expenses must be accounted for and reported in the monthly treasurer’s reports. Any dedicated account established requires a separate semiannual audit. An EFT Authorization Form signed by two authorized check signers must be completed for all Electronic Funds Transfer/Bank Bill Pay Service payments in addition to the Payment Authorization Form approving the expenditure. Cyber Liability Insurance Coverage is recommended to protect against possible losses due to the use of Electronic Funds Transfer/Bank Bill Pay Services. - Finance F21 California State PTA Toolkit – June 2020 payments



For electronic income (money being deposited from a company), separate account recommended

• Review bank fees and any limits on the number of transfers before opening the account

• Separate audit is required • An Authorization to Transfer form is required and a motion to

approve the transfer of funds must be made at an Executive Board or association meeting before the money is transferred



• Separate bank account should be established • Consider establishing a financial policy on the

quantity of funds that should remain in the E-Commerce bank account

• Check with your bank on their policy regarding maximum number of electronic deposits allowed per month and all associated fees, if any

• Create a policy on the storage or destruction of checks for deposit

• Consider which financial officers will access the bank’s electronic deposit feature; they must be a signer on the bank account

• Review or create a policy on the review of electronic deposits that may now involve direct banking activity


• Use the Audit Checklist • Review government filings • Look to see that the previous audit’s ending balance

is the same as the current audit’s beginning balance • An audit report is required for each bank account • A copy of the audit should go to the:

• recording secretary • president • treasurer • council (from units) or district (from councils)



The Audit Report Should Balance

Correct: • The audit balances • The corrections in the audit recommendation

report are due to simple human error • Reports are filed monthly • Minutes show all or most of the recommended

financial motions


Substantially correct: •The audit balances •Bank statement(s) missing •Payment authorizations missing or lacking proper supporting documentation •Cash Verification reports missing or lacking signatures •Other reports missing or incomplete •Minutes do not show the financial approval motions


Partially correct: •The audit balanced but financial documentation was missing •Proper financial practices were not followed


Incorrect: •the audit could not be balanced and financial procedures were not adequately followed


1. Audit completed (Jan-June 2020) 2. Treasurer’s Annual Financial Report completed


• Required of every unit and council • Helps to prepare and organize the financial books for tax filings • The duty of the outgoing treasurer but may be done by the incoming

treasurer or other members of the executive board


• When possible, organize the ledgers to match the categories on the annual report

• Treasurer Books are available for purchase from Thirty-Third District PTA or California State PTA

• Upon request, Thirty-Third District PTA can supply a basic electronic ledger Excel spreadsheet


CATEGORIES:

Student Welfare Awards, scholarships, room parties, gifts to school, parent ed, Student/parent programs

Fundraising

Organizational Expense Officers’ & Chairmen’s expenses, convention, insurance, supplies

Other List anything that does not come under any other category

**LIST AND DEDUCT ANY VOIDED CHECKS FROM THE APPROPRIATE CATEGORY




CATEGORIES:

Membership

Separate local portion and amount due at membership turn-in

Fundraising

Program Services

Donations

Other

**LIST AND DEDUCT ANY RETURNED CHECKS AGAINST THE APPROPRIATE CATEGORY



• Match the balance on the Treasurer’s Report with the bank reconciliation each month

• If an error is found in a report, at the next Executive Board and/or association meeting: • Distribute the corrected report • State the corrected financial information for the corrected report • Request that a note be made in the minutes of the meeting when

the incorrect report was read indicating that the report was corrected


• Watch for stale dated checks • Review the policy on NSF checks (deposits that had non-sufficient

funds and were taken out of your bank account) • Decide which report will contain information on bank interest and

electronic deposits



Federal tax returns: 990N: Go to http://apps.irs.gov/app/eos/ From the “Search Database” menu, choose “Form 990-N (e-Postcard)”; From the “Search By” menu, choose “Employer Identification Number.” (This seems to be the default setting); In the “Search Term” field, enter the federal tax ID number (with or without dash); Hit the “Search” button; If the PTA has filed any 990-N forms, it will appear in the results. Click on the link to get a list of the 990-N forms filed by the PTA; Results are listed by “Tax Year.” A tax year of 2017 refers to the period from July 2017-June 2018; Recently filed 990EZ/990 forms are available at the website above; From the “Search Database” menu, choose “Copies of Returns (990, 990-EZ, 990-PF, 990-T)”. Older 990EZ/990 forms: Go to foundationcenter.org/find-funding/990-finder; In the 990 Finder box, click “More Search Options”; In the EIN field, enter the federal tax ID number (without dash) then click on “Search”; The column that says “Year” does not refer to the tax year, but rather the year the return was it received.



https://capta.org/pta-leaders/services/tax-filing-support-center/

Help from California State PTA

All PTAs must file a federal (990) and a state tax return (199)

Due on the 15th day of the fifth month after the end of the fiscal year or November15th

Copies must be turned in to council

Every PTA must already have or register for a Charitable Trust number

RRF-1 form (registration/renewal fee report for Charitable Trust numbers) must be filed annually within four months and 15 days after the end of fiscal year or November 15th

New for this year is if a unit files a 990N, then in addition to the RRF-1 form, (making sure you are using the updated form provided by the AG’s office) the unit will ALSO need to complete and submit the CT-TR-1 form


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Those filing an RRF-1 electronically through the AG's online system will need to UPLOAD a copy of their completed CT-TR-1 and all supporting documents or upload a copy of their complete IRS 990/990EZ

• Raffle registration is September 1 – August 30 • File Form CT-NRP-1 with the Registry of Charitable Trusts at least 60

days before you conduct the raffle • A confirmation letter from the Registry of Charitable Trusts must be

received prior to selling raffle tickets

• At the end of the year an aggregate report is filed using Form CT-NRP-2

• Deadline to submit Form CT-NRP-2 is October 1, 2020 for the raffle year of September 1, 2019 – August 31, 2020


Charitable Trust/RRF-1 Search

•Go to rct.doj.ca.gov/Verification/Web/Search.aspx?facility=Y OR enter “registry verification search” in your search engine

•Enter one of the identification numbers in the appropriate field (Charitable Trust number, FTB organization number, or federal tax identification number). Hit the “Search” button

•The resulting table should include the Charitable Trust status. Click the organization name for more detail. The details include information about all submitted RRF-1 forms, as well as links to any correspondence from the Attorney General’s office


• Recommend that treasurers use a permanent ink pen such as Uniball , Tul , Pentel-Energel-Pro rather than a ball point pen

• Remind units that a signed Fiduciary Agreement should accompany any check written to the school district

• Units should be sending a copy of their association minutes to council. Council should review the minutes and look for: • financial reports being read at meetings • motions to approve the budget • the release of budgeted funds • motions to approve and/or ratify checks • motions to adopt the audits


• What to do when someone asks you for a letter that shows the PTA’s tax exempt status: • Letter of Determination • [email protected] or [email protected] • Must be a unit in good standing

• Talk to your finance teams about the “politics” of the audit and prepare them for the emotional aftermath of the recommendations

• Make sure only PTA approved funds are deposited into PTA account. No commingling of funds.



• CAPTA.org and the California State PTA Toolkit • Insurance Guide: • AIM Association Insurance Management, Inc. • 800-876-4044 - [email protected]

• Thirty-Third District PTA website: 33rdpta.org


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