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

804-852-3285treasurer@vapta.org

www.vapta.org