1. FINANCE WORKSHOP ACCOUNTING UPDATES 2/10/16

2. AGENDA YEAR END REMINDER NOTICE PPS TAX EXEMPT LETTER ONLINE PAYMENT – STATUS UPDATE FUNDRAISING WITH 3 RD PARTY WEBSITES

3. YEAR END REMINDER  Accounting sends out Mid-April.  To ensure transactions are completed and expenditures get into proper fiscal year.  Cutoff Dates - Budget, Grants, SBF, PO’s, Contracts, Material Stock Requests, Invoices, PCard, Reimbursements, Private Marketplace.  Contacts for assistance, questions, concerns.

4. YEAR END PLANNING  Accounting rule: Goods and services must be received by last day of the fiscal year (June 30) or grant period (varies) to be included in that year’s expenditures. We can not use PO, order, or encumbrance date.  Consider time needed to get entire purchase process done. Work backwards from Step 1.  IT Purchases may take more time to process.  A back order or other contract/order/delivery delay can push your expenditure to the next year.

5. PPS TAX EXEMPT LETTER

7. CROWDFUNDING Collecting money online to:  Start a Business  Provide Financial Assistance to a Person  Fund a Charity Examples of Platforms:  GoFundMe  DonorsChoose

8. CROWDFUNDING UNDERSTAND ALL TERMS AND CONDITIONS Read the fine print: HOW DO WE GET THE MONEY? (PPS NOT SET UP TO ACCEPT) WILL I HAVE TO GIVE UP MY SSN TO SET UP AN ACCOUNT? WHAT HAPPENS TO FUNDS RAISED IF WE DON’T REACH OUR GOAL? WHAT FEES WILL BE DEDUCTED? GO FUND ME: 4% + 3.9% Pay Pal DONORS CHOOSE: 15% at Donor’s option

9. CROWDFUNDING TAX ISSUES ARE MURKY Every circumstance is different Get advice from your tax professional CAN DONORS TAKE A DEDUCTION? WILL I BE TAXED ON MONEY IF IT IS DEPOSITED TO MY BANK ACCOUNT?

10. CROWDFUNDING RECOMMENDATION: USE PTA FOR ONLINE CAMPAIGNS RESOURCES: BETTER BUSINESS BUREAU- WISE GIVING GUIDE : http://www.bbb.org/us/Storage/113/Documents/b.pdf IRS PUB 526- CHARITABLE CONTRIBUTIONS: https://www.irs.gov/publications/p526/ar02.html#en_US_2013_publink1 000229643

11. Just because something is popular today doesn’t necessarily mean it’s a great idea…..

12. PURCHASE RECEIPTING AND ONLINE WEB STORE/PAYMENT SYSTEM OVERVIEW OF PROJECT:  Accepts credit cards  Ability for parents/guardians to pay online  Streamlines payment process  Summarizes transactions to account for revenue  Provides payment details for activities/events  Ability for teachers/coaches to access information

13. PURCHASE RECEIPTING AND ONLINE WEB STORE/PAYMENT SYSTEM  PROJECT UPDATE: RFP Process  TIMELINE: 1 st Phase 2 nd Phase

14. QUESTIONS?