…FOR BOTH TREASURERS AND PRESIDENTS KATIE SAYANI, GCC OF PTAS TREASURER GCC of PTAs Treasurers Training

As of July 1 st … Both positions take office Both have check signing abilities Both are looked at as leaders Both must work together and be on the same page Learn, read and train about your own specific position Become knowledgeable about the other

PTA & Treasurer’s “Mission” PTA Mission  A powerful voice for all children  A releveant resource for families and communities, and  A strong advocate for the education and well-being of every child PTA Treasurer’s Mission  It’s all about the children – the money ‘belongs’ to the children  Ensure money is spent to support the PTA mission – IRS regulation to remain a non-profit Keeping these two rules in mind throughout the year will bring you success.

Getting Started Make sure books have been audited/financial review before accepting Study duties and any reference to finances/budget in your PTA bylaws and standing rules Secure signatures and file signature cards with bank Secure Bond and Liability insurance Study Resources… Resources  PTA Money Matters (Big Box from National PTA)  nance.html nance.html  requirements.asp requirements.asp

Financial Review or Audit Completion required by August 31 st Required to remain a PTA in Good Standing pta/FinanceInfo.html Committee elected in August 3 PTA Members  2 from Board  1 non-Board Written report for minutes and presented to the Board Entered in NCPTA database

Bonding Liability Protects the PTA’s money from theft. The Treasurer and other officer’s are covered if: 1. Annual audit conducted 2. Checks signed by two people Covers all routine activities Covers bodily injury, property damage, hazards, libel/slander Does NOT cover transportation Insurance

Incorporated NC Secretary of State PO Box Raleigh, NC Protects individual officers of the PTA financially from any personal liability in the event the PTA is sued or cannot pay it’s bills. corporations/CSearch.aspx corporations/CSearch.aspx

State/Federal Requirements Federal Tax Exempt Status – 501(c)(3) Employer Identification Number (EIN) Determination Letter of Tax Exempt Status Unrelated Business Income (UBI) Merchants License 990 EZ required – file by Nov. 15 th

Money Management Store records properly — keep: Copies of all Treasurer’s Reports Bank Statements and Reconciliations Check/Reimburse Requests Deposit Receipts/Funds Received Review Records Retention Schedule

Banking Two Signatures on all checks Use Large Size Checks Duplicate Check Fees and Monthly Charges  Deposit and Withdrawals Location and Hours Online Banking Availability Monthly Statements

Reporting Make a report at all Board meetings Develop a report to best reflects a transparent process  Budget Amount  Monthly Report  Year-to-Date Total  Balance of Line Item