PTA Treasurer Training
Pam Grigorian
pam.grigorian@comcast.net
August 20, 2015
Reminders
Processing Payments
• Checks should never be written out to cash
• Checks should always have two signatures
• Check Request needs to be filed out completely with original receipts
attached for every check written
• Never use a debit card
Processing Deposits
• Two others should always count the money
• Treasurer is the 3rd counter
• Make sure the Cash verification form is completely filled out for every
deposit made
• Attach a listing of the name, check # and amount to the cash verification
form
• If copying checks, mark out the checking account information since this is
part of the permanent records
• Make deposits within a reasonable time not two weeks later
Electronic Banking
• For Receipt of Funds only
• Authorized signers should have access to Paypal
or merchant services account
• Funds must be transferred at least weekly in the
checking account by the Treasurer
• Transactions should be reconciled and signed by
two individual using a cash verification form
• Fees can be passed to the customer on a
percentage or a flat fee
Electronic Banking- Refunds
Reversals and refunds cannot be processed
through the merchant services account
A check request form must be completed with
documentation as to why the credit is requested
A credit must be paid via check
Fees for the merchant services should be a
separate account on your budget and treasurer’s
report
Membership
• The GA PTA portion of your membership should be in a
liability account and not listed as income or expense on
your reports.
• Your balance should equal 3.75 times the amount of
PTA members you have
• When you write a check to GA PTA for membership it
should then be zero
• A check should be written at the end of every month
for membership with the dues transmittal form
• The membership chair and the treasurer should
compare their numbers of membership so they match.
• Award forms must be postmarked by the last business
day of the month
Bank Reconciliation
• The checking account should be reconciled at the
end of each month
• A copy of the bank statement that includes check
images along with bank reconciliation report
should be printed out every month
• The treasurer, president and one non-check
signer should review the bank reconciliation and
bank statement and sign it every month
• Very Important because your insurance will be
void if this procedure is not followed
Meetings
• Monthly Board of Directors meetings
– Present a written detailed Treasurer’s Report
– Include the cash balance
• General Membership Meetings
– Present a written detailed Treasurer’s Report
– Present the revised budget for vote
• Should be revising the budget every general
membership meeting
Audit and 990
• Audit should already be done for last year
• A copy must be sent to GA PTA as well as the
Forsyth County Council
• You need to make sure that the 990N, 990EZ or
990 has been filed or will be filed. It is due every
year by the 15th day of the 5 month after the
close of your tax year
• For example if your tax year ends 5/31, the return
is due on Oct 15
• If not done they affect your “In Good Standing”
with GA PTA as well as the IRS
Incorporation and and Council Dues
• Every local unit was originally incorporated by
GA PTA
• Every year local units must pay an
incorporation fee to GA PTA in the amount
$30 around November to January time frame
• Dues to Forsyth County Council in the amount
of 175 are due by Sept 30. You will be
receiving an invoice via e-mail or hard copy
Insurance
• Every local unit should have insurance
• You must consider these types of insurance
– Accident Medical
– Fidelity Bond
– Office Liability
– General liability
– Property Insurance
Insurance
• Please see the AIM playlist of Events
• Those items with Pause need to be looked out to
see if you have enough coverage when hosting
• Certain events are not covered
• Fidelity Bond Coverage is voided for the following
reasons
– PTA must conduct an annual audit of the books
– The monthly bank statement must be reviewed by
someone not authorized to sign checks
Budget
• You should already have a budget for the year
• It should be already or in the new future be
voted on my the general membership
• You may need to be adjusted every
membership meeting since it is just an
estimate of expected income and expenses
Organization of Records
• A lot of the information you have will be retained either
permanently or for at least 7 years
• Need a binder and maybe a box to fit all your records in.
• Records need to be kept neat and organized
• Check request form should be filed in check number sequence
• Cash Verification forms should be filed in date sequence
• Treasurer Reports should be filed in date sequence
• Bank Reconciliations with bank statements should be filed in date
sequence
• Board minutes should be filed in date sequence
• Always need blank check request forms or check verification forms
Permanent Binder
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Current Bylaws
Annual Audit Reports
All 990s
Contracts
Letter assigning EIN number
Bank Information
State letter of determination of tax-exempt status
Insurance
Incorporation
Miscellaneous Information
• If buying to resale, tax exempt
• If buying to use, need to pay sales tax
• Make sure an audit or audit committee is in place
before school ends
• Read the new Leadership Resource Guide which has a
lot of new information in it
• Websites for information
– www.georgiapta.org
– www.forsythcountypta.com
– www.pta.org
• E-Learning Treasurers