Transcript GCC of PTAs Treasurers Training

GCC of PTAs Treasurers Training
…FOR BOTH TREASURERS AND PRESIDENTS
KATIE SAYANI,
GCC OF PTAS TREASURER
As of July 1st…
 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
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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
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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
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PTA Money Matters (Big
Box from National PTA)
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http://www.ncpta.org/pta/fi
nance.html
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http://www.pta.org/federal_
requirements.asp
Financial
Review or
Audit
Completion required by
August 31st
Required to remain a
PTA in Good Standing
http://www.ncpta.org/
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
Insurance
Bonding
Liability
 Protects the PTA’s
 Covers all routine
money from theft. The
Treasurer and other
officer’s are covered if:
1.
2.
Annual audit conducted
Checks signed by two
people
activities
 Covers bodily injury,
property damage,
hazards, libel/slander
 Does NOT cover
transportation
Incorporated
NC Secretary of State
PO Box 29622
Raleigh, NC 276260622
 Protects individual officers of the
PTA financially from any personal
liability in the event the PTA is
sued or cannot pay it’s bills.
919-807-2225
http://www.sosnc.com
 http://www.secretary.state.nc.us/
corporations/CSearch.aspx
State/Federal
Requirements
www.irs.gov
 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. 15th
Money Management
 Store records properly — keep:
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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
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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
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Budget Amount
Monthly Report
Year-to-Date Total
Balance of Line Item