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Session 302 and 602: The PTA Treasurer Jennifer Young – Treasurer Melissa Nehrbass – Peninsula District Director Vir

Session 302 and 602: The PTA Treasurer Jennifer Young – Treasurer Melissa Nehrbass – Peninsula District Director Virginia PTA 2012 Annual Conference July 13, 2012 . In this session we will:. Define the 3-1 rule. Identify at least 3 responsibilities of a PTA Treasurer.

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Session 302 and 602: The PTA Treasurer Jennifer Young – Treasurer Melissa Nehrbass – Peninsula District Director Vir

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  1. Session 302 and 602: The PTA Treasurer Jennifer Young – Treasurer Melissa Nehrbass – Peninsula District Director Virginia PTA 2012 Annual Conference July 13, 2012

  2. In this session we will: • Define the 3-1 rule. • Identify at least 3 responsibilities of a PTA Treasurer. • Have basic knowledge of handling PTA funds. • Identify at least 3 ways to prevent theft/embezzlement.

  3. 501(c)(3) Organization • Sales tax exempt - Income tax exempt • Donations by donors are treated as charitable contributions for tax purposes • Must be organized and operate according to the mission set forth in the bylaws: Advocate for the health, education and welfare of all children. • Non-sectarian • Non-commercial • Non-partisan --Cannot engage in political activity --CAN engage in insubstantial amount of lobbying • Resources cannot be used for private benefit

  4. Responsibilities • Filing forms • Developing the budget • Staying in the budget • Paying bills • Depositing income • Financial statements and year end report

  5. Questions?

  6. Forms to File • Audit • Budget • IRS Form 990 • Membership dues • Insurance (bonding, fidelity, and liability)

  7. Who completes the Audit? • An auditing committee of at least three • Cannot be signers on the unit’s account(s) • An accountant or person with excellent working knowledge of PTA accounting procedures.

  8. When do you Audit? • Before a new treasurer takes over • At the end on each fiscal year • Should be done within a month of year-end

  9. What is Audited? • Treasurer’s reports • Check book and register • Bank statements • Deposit slips • Receipts • Receipt book • Previous audit report

  10. Audit Report • Oral audit report at the general meeting after executive board approval. • Written audit report given to President, Secretary and Treasurer. • President calls for adoption of the audit report. This is the actual acceptance of the monthly financial reports that have been put on file. • Auditor or auditing committee all sign and date the report at the time it is filled out

  11. Questions?

  12. IRS Form 990 • All units must file 990, 990-EZ, or 990-N or the e-Postcard by the 15th of the 5th month after the end of fiscal year. • Instructions for filing the 990-EZ will be available at www.vapta.org

  13. Units in Good Standing • New officer information to the State Office • Dues paid by Dec. 1st • Bylaws are current

  14. Membership Dues • Work with the membership chair • Membership drives are year ‘round • Pay due by Dec. 1st, March 1st, and June 30th • Can be remitted at any time

  15. Insurance • Check the renewal date of the policy • All treasurers (and officers) should be bonded • R.V. Nuccio offers insurance to PTAs or you can get insurance from any other company

  16. Sales Tax Exempt • Application can be found at: • www.vapta.org • LURG (Local Unit Resource Guide • Will need to obtain a 501(c)3 determination letter before applying

  17. Budget - Supply Line • Development • How? • Look at actual income and expenses from last year • Plan with board what you will add or delete • Include line item for training • Include some for start up for the following year • Who? • Executive Board (in the bylaws)

  18. Budget - Getting it Approved • Present it to the full board • Make approved adjustments • Present it to the general membership for approval

  19. Live within the Approved Budget • Only approved expenses can be paid • If an expense is in the budget, it can’t be voted against as the budget has already been approved • Budget changes must be approved by 2/3 vote at a general meeting • Keep track of each line item’s income and expenses.

  20. Keeping Track • All income and expenses need to be placed under a line item • If you run a program or have an expense or income every year it should have a line in the budget • Membership dues for the National and State are transfer items - not income • PTA Funds must be kept separate from other accounts

  21. The 3-to-1 Rule (IRS) Are you using it to further your purpose/mission? For every fundraising activity, there should be at least three non-fundraising projects/programs aimed at helping parents or children or advocating for school improvements: FundraiserPrograms Gift Wrap Catalog Sales Take Dad to School Day Fall Carnival Reflections Program

  22. PTA Fundraising • You don’t need to have a fundraiser • Don’t raise funds, just to raise funds – you should have a purpose for the money • Plan what you want to do then plan how to raise funds to do it • No set amount that you can have, but if you have savings account, it should be earmarked for something

  23. Treasurer’s Briefcasewhat you need to do your job • Copy of bylaws and standing rules • Copy of adopted budget • Receipt book • Check book • EIN and Local Unit # • Copy of Sale tax exemption certificate • Determination of 501(c) 3 non profit status

  24. Briefcase cont… • Cash Box • Zippered Bank Bag(s) • Deposit Slips • Cash Turned In Form • Deposit Form • Expense Reimbursement Form

  25. Back Files • Audit Reports • Three (3) Year’s Budgets • Seven (7) Year’s Financial Records • Correspondence

  26. Banking • Have bank statements sent to the school • Have a non-signer go over the bank statements and initial (now a requirement for most insurance) • Reconcile statements in a timely manner

  27. To Protect the Association and the Officers: • Never sign a blank check • Never mix PTA money with school money • Never open a credit card • Never hold PTA money overnight

  28. Handling Money • Try to avoid cash if possible • Always have two people count the cash • Fill out and sign cash verification form • Treasurer counts cash with chair • Treasurer gives chair a receipt for cash and keeps a copy • Deposit slip filled out and deposit made

  29. Writing Checks • Have up-to-date signature cards on file at bank • Always have two signatures on checks • Married couples and family members should never be on the account together • Never sign a blank check • Get receipts before signing the check

  30. Expense Reimbursement • Fill out the expense reimbursement form • Check the receipts • Must be within the budget

  31. Paying Bills • Must be approved • Need an invoice or receipt • Must be done with a PTA Check • Must be within the budget guidelines or it needs membership approval

  32. IRS Guidelines for Spending • Must fall within three categories: • Educational • Operational • Charitable

  33. IRS Guidelines for Expenditures • Educational • Supplement to instruction of students • Education of your members • Reflections • Field trips, assemblies and speakers

  34. IRS Guidelines for Expenditures • Operational • Cost of postage and printing • Cost of training your officers at conference, leadership development seminars, district and/or council training • Supplies needed to run your PTA

  35. IRS Guidelines for Expenditures • Charitable • Assemblies • Fieldtrips • Celebrations (keep in mind – opportunities that benefit the majority of students)

  36. Financial Statements • Provided at each meeting • Balance from last meeting • Plus the itemized income • Less the itemized expenses • Current balance • Budget vs Actual

  37. Year End Report • Provided at the end of the fiscal year • List starting balance • Break down expenses by line item • Break down income by line item • State the current balance

  38. Checklist - Before Fraud Occurs • Follow proper fund handling procedures • Never sign a blank check • Check insurance policy to see if it requires prosecution in order to recover a loss • Have a written money handling and control policy in your standing rules

  39. Warning Signs of Fraud • Treasurer’s report delayed or non-existent • Delayed deposits of cash receipts • Missing supporting documents • Multiple corrections in the cash book • Check bouncing when there should be available funds • Lifestyle or behavior changes of staff or volunteers

  40. If Fraud is Suspected • DO NOT make accusations! (libel, slander) • Determine suspect’s access to other PTA resources • Gather facts, documents, and interviews. • Identify all accounts involved and consider freezing or closing them • Contact your District Director and/or State Treasurer • Contact the authorities • Contact the insurance company

  41. Resources • Money Matters from National PTA • Financial section in VA PTA LURG (Section 4) • State Treasurer • Leadership Training Conference • District and/or Council Training Events

  42. For more information contact: Jennifer Young, Treasurer, Virginia PTA 804-852-3285 treasurer@vapta.orgwww.vapta.org

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