Session 102: Treasurers for NonTreasurers
Jennifer Young, Treasurer
Virginia PTA
2012 Annual Conference
July 13, 2012
The ABC’s
Audits, Budgets, Controls
In this session we will:
• 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.
When do you Audit?
• 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
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?
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Treasurer’s reports
Check book and register
Bank statements
Deposit slips
Receipts
Receipt book
Previous audit report
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
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.
The 3-to-1 Rule
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:
Fundraiser
Gift Wrap Catalog Sales
Programs
Take Dad to School Day
Fall Carnival
Reflections Program
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
Banking
• 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
To Protect the Association
and the Officers:
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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
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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
804-852-3285
treasurer@vapta.org
www.vapta.org