Financial Quick Notes
Birdville Council of PTAs
Treasurer vs. Budget and Finance: The treasurer manages the money-the income and disbursements of the PTA account. The budget and financier manages the budget-the fundraisers and amendments that are needed.
Must report at each meeting. Reporting period runs from day after last report to date of meeting where the report is being given. Reports run from Executive Board to Executive Board meetings and from Association to Association meetings.
The Beginning Balance of the current report MUST match the ending balance of the last report.
The financial report is given in the beginning of the meeting as:
Beginning balance as of (date) $5,450.00
Income (Receipts) 1,000.00
Ending balance as of (date) $6,000.00
The full report can be attached to the minutes as an addendum which includes all income/expenses for that reporting period.
The treasurer’s reports are filed for audit-no formal motion to approve is in order.
The treasurer should attend all meetings-of course, there are circumstances where he/she may not be able to attend as with any position however, this role is very important as there might be a question about the report.
The treasurer must maintain all official reports in a bound book. This book should have pre numbered pages and each report should be numbered as well. This step ensures that no reports are missing.
The placement of each report should be done for each meeting not held for the end of the year scramble for audit!
The treasurer must make available the books to all members upon request.
Do not mix PTA accounts with personal accounts.
Reimbursement Vouchers are used to make checks payable to members who made a purchase on behalf of the PTA. Disbursement Vouchers are used to make checks payable to businesses directly for services rendered/products purchased. Both vouchers must be sign by the chairperson even if you have asked someone else to make the purchases for you.
A 990 is filed if the unit earns $25,000 over a span of three years. It is helpful to go ahead and fill out the 990 and keep track for future reference.
Sales tax is due once a year in January. Keep in mind that this report covers two partial terms. The outgoing treasurer should provide a report of fundraising activity from January to the end of his/her term and the incoming treasurer includes his/her fundraising activities from start of his/her term through December. The incoming treasurer then provides a report from January through the end of his/her term for the next year.
The treasurer should have a copy of the audit checklist to ensure that all is being done.
For AIM insurance coverage to be valid: a non-signer must open and check the bank statements. Name this person in the official records and have him/her sign each statement validating number of pages. Also, the entity who owns the insurance policy is required to pay the deductible if a claim is filed-this means the PTA unit is required to pay the deductible of any claim filed against an officer not the accused.
Budget and Finance:
Must present for approval to the association all fundraising activities for approval. The motion should come from a committee thus not requiring a second.
Each tax-free event must be presented for approval to the association as well as above.
Any amendments to the approved budget needs to be presented by the budget and finance officer. The treasurer can provide reports to help in this process however, as a separation of positions, the budget and finance officer is in charge of the budget.
Taking these steps will ensure that the PTA is taking every possible step to ensure that each member is protected as well as the unit itself.
All the details of these two positions can be found on-line at www.txpta.org in the ‘Members Only’ section under Treasurer’s information. You can also download and print the complete Treasurer’s Guide and Budget and Finance Guides in the Resources section.
You can also find a treasurer’s guide through National PTA from their website www.pta.org.
Thanks for your dedication to your PTA unit!