Unit Treasurer Workshop/PTA-Economics SLA August 2017 Unit Treasurer Workshop/PTA-Economics Niagara Region PTA Summer Leadership Academy August 2017

Introductions Niagara Region PTA Cindy Ames Tammy Dodge PTA Participants SLA August 2017

Topics Financial Management Responsibilities Budget Preparation Treasurer’s Calendar Treasurer’s Report Audits Insurance Resources SLA August 2017

It’s all about INTERNAL CONTROLS! Financial Management No other organizations may pass $ through PTA accounts. Accurate, consistent record keeping is essential. All cash should be counted by at least two people before depositing at financial institution, make deposits promptly. Cash should not be kept at home or in a school vault. Never deposit PTA money into a non-PTA account. Always pay bills by check ~ never cash! It’s all about INTERNAL CONTROLS! SLA August 2017

Financial Management Minimum three signers on all PTA accounts. Two signers are required on all PTA checks. Never sign a check written to yourself. Never sign blank checks. NYS and National PTA portion of dues are never recorded as unit income and are not included in the gross income on IRS 990. The PTA General Membership must authorize the expenditure of all funds by approving a budget. SLA August 2017

Responsibilities Monthly Treasurers Report (Sample on pg 8 Section 5A – Finance & Insurance). Bookkeeping of PTA account, Balance Bank Statement Deposit and Expense records Annual Report to IRS-990 or 990 postcard (due by November 15 of each year for previous fiscal year July 1-June 30 www.irs.gov) Annual Budget-Chair of Budget Committee Be available for Audit Committee SLA August 2017

Budget Preparation Budgets should be prepared by the budget committee, in May or June to allow expenditures to begin July 1. Budget is required to be approved in order to spend any PTA funds. Categories may be different from unit to unit, and amendments may be made anytime during the year with general membership approval. Sample on Page 11 of Section 5 (Finance and Insurance) of the NYS Resource Guide. SLA August 2017

Budget Preparation Start with your actual numbers from the most recent year. Consider any approved event or programming changes the your PTA has planned. Ask committee chairmen for input and estimates. Look at historical data. Remember to include training and convention budget. This is an approved expense of the PTA. SLA August 2017

Treasurer’s Calendar Audit – July Review Resources/Procedures Budget Development/Approval – May or June New Treasurer takes over – July 1 (or after Spring Conference for Regions) Update Bank Account– July Call Bank ahead of time to see who needs to be there and what required documents are needed File taxes: 990-N or 990-EZ by 11/15 SLA August 2017

Treasurer’s Report Presented at every meeting – get it to the President if you cannot attend Calendar month, not meeting to meeting Have all records and monthly statement available Reconciliation SLA August 2017

Protect your Tax Exempt Status File your 990 between July 1 and November 15 Send proof of filing to NRPTA immediately Tax Exempt Status-why does your unit want it: Increased purchasing power-NO SALES TAX with your exempt certificate Increased revenue-NO INCOME TAX SLA August 2017

Audits Why do we do audits? To certify the accuracy of the books and the records of the PTA and to assure membership that the units resources/funds are being managed in a business-like manner. Your PTA Bylaws will give you the procedure for your unit. Audits need to be completed by an audit committee, after July 1. Treasurer’s do not serve on the committee, but must be available the answer any questions. Sample audit: NYS Resource Guide; Section 5, page 18 SLA August 2017

Insurance Liability Insurance and Fidelity Bond Accident Insurance-no coverage unless liability is proven Medical Payments up to $5000 under liability policy. Additional coverage can be purchased for specific events. Call 1-800-876-4044 Officers Liability-protects against claims of wrongful act for directors and officers. AIM’s new playlist of events: NYS Resource Guide, section 5B, pages 6 & 7 Incident reports should be completed and mailed to A and your Region Director immediately-this is not a claim, just notification Insurance Payments are due to NYSPTA/AIM by June 1st. SLA August 2017

Open Forum - Questions SLA August 2017