Treasurer Basics - Forsyth County PTA

PTA Treasurer Training
Pam Grigorian
August 20, 2015
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
• 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
• 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
• 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
• 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
• Every local unit should have insurance
• You must consider these types of insurance
– Accident Medical
– Fidelity Bond
– Office Liability
– General liability
– Property 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
– PTA must conduct an annual audit of the books
– The monthly bank statement must be reviewed by
someone not authorized to sign checks
• 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
• Board minutes should be filed in date sequence
• Always need blank check request forms or check verification forms
Permanent Binder
Current Bylaws
Annual Audit Reports
All 990s
Letter assigning EIN number
Bank Information
State letter of determination of tax-exempt status
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
• E-Learning Treasurers