“PTA Financial Management” - DeKalb County Council of PTAs

“PTA Financial Management”
Audits, IRS 990, Budgets & Financial Reports
Presenters: Monica Tedjame-Mortty and Brenda Moss
Role of the Executive Committee
Elected officers, Parliamentarian, and Principal
Duties of the Treasurer
 Legally responsible, and authorized custodian of the PTA






funds; deposits on funds into the PTA bank account
Receives and disburses all monies in accordance with the
local unit bylaws and the approved budget
Chairs the budget Committee
Help to prepare the proposed budget for adoption by the
membership
Prepares the books for the auditor
Files IRS form 990
Prepares a monthly financial report, and issues a written
financial report at every PTA meeting
The Transition
 The secretary submits the names of the incoming officers to GA PTA &
DeKalb Council by May 15th or after the election of officers
 Incoming and outgoing officers, committee chairs, along with the
school principal meet to discuss what worked and what did not work;
review the budget and any outstanding bills
 Outgoing officers do not write checks after the last day of school
 The outgoing officers and chairpersons turn over all records to the
incoming officers and chairpersons
 Update Signature cards at the bank. The outgoing Treasurer and
President should accompany the incoming President, Treasurer and
Secretary to the bank; make sure you bring the minutes of the election
meeting, the local unit by laws and incorporation document.
The Transition
 The outgoing treasurer submits the treasurers books for audit no
later than one week after school ends to a board approved auditor
 Make sure the auditor receives all required financial documents.
The auditor will need the contact information for the incoming
Treasurer and President
 The outgoing treasurer turns the checkbook over to the incoming
treasurer
 Register for Georgia PTA CLT, if the budget allows
 Study your local unit bylaws and PTA Leadership Resource Guide
 Incoming treasurer files IRS form 990 for free @
http://efile.form990.org
 Incoming officers mail a copy of the audit report, the 990 acceptance
receipt and IRS 990 verification form Georgia PTA and DeKalb
County Council of PTAs by the last business day in September
The Preparation
 Attend all PTA training sessions offered by DeKalb County Council of PTAs





and Georgia PTA; seek council from DeKalb Council of PTAs
Have a clear understanding of the PTA Vision, Mission, Purpose, Values
and Standards.
Have a clear understanding of your role as an officer or chairperson
Have a clear understanding of the principals role
Study your local unit bylaws and PTA Leadership Resource Guide
Hold several planning meetings during the summer with the executive
committee (elected officers and school principal)
• to identify committees, appoint and approve committee chairs
• to identity PTA/PTSA goals for the school year
• to identify PTA meetings dates and events and have them placed on the
school’s master calendar
• approve the committee plan of work
• establish a proposed budget
PTA/PTSA Meetings:
Agendas, Quorums, Financial Reports, Minutes
 The President prepares an agenda for every meeting (general, executive







committee and board of directors)
The President calls the meeting to order and adjourns the PTA meeting
A minimum of three General PTA meetings are required to be held
A quorum is the minimum number of members that must be present at a
General PTA/PTSA meeting in order to conduct business (vote on an issue)
The quorum for a local unit can be found in the bylaws
A written treasurer’s report is given to members at all meetings
(general, executive committee and board of directors)
Minutes must be taken at all PTA/PTSA meetings (general, executive
committee and board of directors)
Written General PTSA meeting minutes are issued at the general
PTA/PTSA meetings; Executive Committee minutes are issued at executive
committee meetings; Board of Director minutes are issued at board of
director meetings
Financial Matters:
Adopting the Audit Report,
Adopting the Budget, Annual Report, Cash Verification Forms

To be reimbursed for authorized purchases, one must fill out a “Request for Check” form with the
receipt(s) attached.

Submit the Georgia PTA portion of membership dues at the end of each month; (3.75 of every
members dues must be mailed to GA PTA using the “Dues Transmittal form”)

Submit yearly Council dues ($100.00) and donations by the first Friday in October using the form
provided by the Council (located on the website…www.dekalbcouncilptas.org

Use the 3-1 Rule as a Fundraising Guide; three projects/programs for every fundraiser; follow the
School Board policy regarding fundraising at the school.

It is illegal to deposit money of other organizations into the PTA/PTSA bank account

Treasurer and President review (monthly) bank statements and the PTA financial status. A PTA officer,
who is not on the bank signature card, reconciles the statements and signs.

Never pay bills with cash. Checks must have two signatures

Only the President can sign a contract on behalf of the PTA/PTSA. The contract must be for a
membership approved project.
A PTA IN GOOD STANDING
 Submits incoming officers form to GA PTA and
DeKalb Council on file by May 15th or immediately
after the election.
 Submits membership dues to GA PTA
($3.75/member dues collected) monthly
 Submits an annual audit to the Georgia PTA and
DeKalb Council by last business day in September
 Files IRS form 990 and mails a copy of the
acceptance receipt to GA PTA and DeKalb Council
 Pays yearly Council dues of $100.00 to DeKalb
Council of PTAs by the first Friday in October
The Purpose of an Audit
 To verify the
accuracy of the
books and records
 Be able to
complete IRS
Form 990
 To assure the
membership the
association’s
resources/funds are
being managed per
Georgia PTA
policies and
procedures
Who may conduct the audit?
 An auditor or auditing
committee
 No one that signs checks
 No one related to anyone
that signs checks
Following the Paper Trail
Income
 Cash Verification
Forms
 Deposit Slips
 Ledger/Computer
accounting
 Treasurer’s Reports
 Bank Statements
Expense
 Check Request Forms
 Receipts
 Budget Approval
 Two Signatures
 Cancelled Checks
 Bank Statements
Items Needed for the Audit
 Copy of last audit report and filed 990 or 990N or












confirmation email
Checkbook or check stubs and cancelled checks
Bank statement and deposit slips
Treasurer’s book and ledger
Approved budget and any amendments
Invoices and receipts of bills paid
Cash verification Forms
Check Request Forms
Copies of executive, board and General PTA minutes
Copies of all Treasurer’s Reports
Current Bylaws
Annual Financial Report
Audit/Review Forms and IRS Filing Verification Form
Parent Engagement ES PTSA **General PTA Meeting **2013-2014 Proposed Budget
August 18, 2014
INCOME
Receipts/Income
Beginning Balance Forward
Membership Dues
Fundraisers
School Spirit Night
Book Fair
Skate Night
School Dances
Math Round Up
Life Touch Pictures
Donations/Grants
Total Proposed Income
Monthly
(10.00 x 100 members)
YTD
Budget
$2695.19
$700.00
$600.00
$4000.00
$200.00
$1000.00
$200.00
$2200.00
$500.00
$ 12095.19
Expenses/Disbursements
PTA Council Dues
Reflections Donation
Jim Cherry Emergency Clothing Fund
Gladys Cook Scholarship
Georgia PTA Dues (3.75 x 100 members)
Teacher’s Banquet
Book Fair
Field Day Food
Liability Insurance
PTA Training and Conferences
Incorporation Fee
PTA Office Supplies
Staff Appreciation
Bank Fees
Committees
Honors Day
Volunteer Appreciation
Fundraisers
School Spirit Night
Book Fair
Skate Night
School Dances
Life Touch Pictures
Math Round Up
Total Proposed Expenses:
Startup Income for 2015-20156
$100.00
$25.00
$25.00
$25.00
$375.00
$50.00
$3000.00
$250.00
$140.00
$360.00
$90.00
$100.00
$250.00
$30.00
$250.00
$500.00
$200.00
$200.00
$1500.00
$50.00
$100.00
$1500.00
$50.00
$9170.00
$2925.19
Variance
Remember
 The audit report is adopted at the first general membership meeting of







the new school year and reflected in the minutes
The proposed budget is presented by the treasurer and adopted at the
first meeting by the membership
The annual audit report must be signed and dated
Mail the completed PTA Audit/Financial Review to Georgia PTA, 114
Baker Street, NE, postmarked on or before the last business day of
September.
The incoming treasurer files Form 990 or 990N within 5 months and 15
days after the fiscal year.*
Mail to Georgia PTA the front page of the 990 or a 990N receipt along
with the IRS 990 Filing Verification form.
A complete copy of the 990 or 990N receipt is to be mailed to Georgia
Dept. of Revenue @ P.O. Box 740395, Atlanta, GA 30374-0395.
All “request for check” forms must be completed, signed and
accompanied by a receipt or invoice before a check is issued; only
budgeted items are valid expenses
Questions
?
Email us at
[email protected]

Download Report