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GCC of PTAs Treasurers Training

GCC of PTAs Treasurers Training. …for both Treasurers and Presidents Katie Sayani, GCC of ptas treasurer. 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

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GCC of PTAs Treasurers Training

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  1. GCC of PTAs Treasurers Training …for both Treasurers and Presidents Katie Sayani, GCC of ptas treasurer

  2. 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

  3. 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.

  4. 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) • http://www.ncpta.org/pta/finance.html • http://www.pta.org/federal_requirements.asp

  5. 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 Financial Review or Audit Completion required by August 31st Required to remain a PTA in Good Standing http://www.ncpta.org/pta/FinanceInfo.html

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

  7. Protects individual officers of the PTA financially from any personal liability in the event the PTA is sued or cannot pay it’s bills. • http://www.secretary.state.nc.us/corporations/CSearch.aspx Incorporated NC Secretary of State PO Box 29622 Raleigh, NC 27626-0622 919-807-2225 http://www.sosnc.com

  8. 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 State/Federal Requirements www.irs.gov

  9. 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

  10. 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

  11. 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

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