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Unit Treasurer Workshop/PTA-Economics

Join the Niagara Region PTA for a workshop on financial management, responsibilities of a treasurer, and budget preparation. Learn about internal controls, signing authority, treasurer's reports, audits, and insurance. Don't miss this opportunity to enhance your PTA's financial management skills!

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Unit Treasurer Workshop/PTA-Economics

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  1. SLA August 2017 Unit Treasurer Workshop/PTA-Economics Niagara Region PTA Summer Leadership Academy August 2017

  2. Introductions • Niagara Region PTA • Cindy Ames • Tammy Dodge • PTA Participants SLA August 2017

  3. Topics • Financial Management • Responsibilities • Budget Preparation • Treasurer’s Calendar • Treasurer’s Report • Audits • Insurance • Resources SLA August 2017

  4. Financial Management • No other organizations may pass $ through PTA accounts. • Accurate, consistent record keeping is essential. • All cash should be counted by at least two people before depositing at financial institution, make deposits promptly. • Cash should not be kept at home or in a school vault. • Never deposit PTA money into a non-PTA account. • Always pay bills by check ~ never cash! It’s all about INTERNAL CONTROLS! SLA August 2017

  5. Financial Management • Minimum three signers on all PTA accounts. • Two signers are required on all PTA checks. • Never sign a check written to yourself. • Never sign blank checks. • NYS and National PTA portion of dues are never recorded as unit income and are not included in the gross income on IRS 990. • The PTA General Membership must authorize the expenditure of all funds by approving a budget. SLA August 2017

  6. Responsibilities • Monthly Treasurers Report (Sample on pg 8 Section 5A – Finance & Insurance). • Bookkeeping of PTA account, Balance Bank Statement • Deposit and Expense records • Annual Report to IRS-990 or 990 postcard (due by November 15 of each year for previous fiscal year July 1-June 30 www.irs.gov) • Annual Budget-Chair of Budget Committee • Be available for Audit Committee SLA August 2017

  7. Budget Preparation • Budgets should be prepared by the budget committee, in May or June to allow expenditures to begin July 1. • Budget is required to be approved in order to spend any PTA funds. • Categories may be different from unit to unit, and amendments may be made anytime during the year with general membership approval. • Sample on Page 11 of Section 5 (Finance and Insurance) of the NYS Resource Guide. SLA August 2017

  8. Budget Preparation • Start with your actual numbers from the most recent year. • Consider any approved event or programming changes the your PTA has planned. • Ask committee chairmen for input and estimates. • Look at historical data. • Remember to include training and convention budget. This is an approved expense of the PTA. SLA August 2017

  9. Treasurer’s Calendar • Audit – July • Review Resources/Procedures • Budget Development/Approval – May or June • New Treasurer takes over – July 1 (or after Spring Conference for Regions) • Update Bank Account– July • Call Bank ahead of time to see who needs to be there and what required documents are needed • File taxes: 990-N or 990-EZ by 11/15 SLA August 2017

  10. Treasurer’s Report • Presented at every meeting – get it to the President if you cannot attend • Calendar month, not meeting to meeting • Have all records and monthly statement available • Reconciliation SLA August 2017

  11. Protect your Tax Exempt Status • File your 990 between July 1 and November 15 • Send proof of filing to NRPTA immediately • Tax Exempt Status-why does your unit want it: • Increased purchasing power-NO SALES TAX with your exempt certificate • Increased revenue-NO INCOME TAX SLA August 2017

  12. Audits • Why do we do audits? To certify the accuracy of the books and the records of the PTA and to assure membership that the units resources/funds are being managed in a business-like manner. • Your PTA Bylaws will give you the procedure for your unit. • Audits need to be completed by an audit committee, after July 1. Treasurer’s do not serve on the committee, but must be available the answer any questions. • Sample audit: NYS Resource Guide; Section 5, page 18 SLA August 2017

  13. Insurance • Liability Insurance and Fidelity Bond • Accident Insurance-no coverage unless liability is proven • Medical Payments up to $5000 under liability policy. Additional coverage can be purchased for specific events. Call 1-800-876-4044 • Officers Liability-protects against claims of wrongful act for directors and officers. • AIM’s new playlist of events: NYS Resource Guide, section 5B, pages 6 & 7 • Incident reports should be completed and mailed to A and your Region Director immediately-this is not a claim, just notification • Insurance Payments are due to NYSPTA/AIM by June 1st. SLA August 2017

  14. Open Forum - Questions SLA August 2017

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