Treasurer 201 Duties & Reports

1. Treasurer 201Duties & Reports July 2018 Session Presenter:

2. LEARNING OBJECTIVES • PTA InsuranceDeposits • Reimbursements • Bank Reconciliations • Monthly Treasurer Reports • Record Keeping – Best Practice • Financial Review – Due by July 15th • Filing of 990/IRS – Due November 15th • KY Dept. of Education Redbook – Do’s and Don’t 1 2 3 4 5 6 7 8 9

3. PTA Insurance

4. PTA Insurance • The Underwriters Group – Commercial Insurance • Policy cost $337 for all local units • Coverage for Directors and Officers • Coverage for liability

5. Deposits

6. Deposits • Complete a detailed funds received form with two people for each budget category of funds received • Complete a budget summary for all funds received form for each deposit • See forms for templates

7. Reimbursements

8. Reimbursements • All checks and expenses should have a completed reimbursement form signed by the person requesting and approved by the President and Treasurer • See forms for template

9. Bank Reconciliations

10. Bank Reconciliation • Monthly bank reconciliations should be performed to account for expenses and income with any outstanding checks

11. Monthly Treasurer Reports

12. Monthly Treasurer Reports • PTA/PTSA • TREASURER’S REPORT – Month Day, Year • I. Reconciliation – Previous Month statements reconciled and balance (provide copy of budget and bank statement) • a) Budget Balance on Date = $0.00 • b) Outstanding Deposits = $0.00 • c) Checks not cleared Previous Month = $0.00 • d) Ending Balance on last day of month = $0.00 • Current budget and check register (month to date of current meeting – copy of budget and online printout of transactions if available) • a) Outstanding Deposits = $0.00 • b) Checks not cleared current month = $0.00 • c) Budget Balance on Date of meeting = $0.00 • Business items such as motion for amendments to budget • Attachments • a) Bank statements since last report (online printout for partial month) • b) Check register showing running balance • c) Budget Reports for reconciliation and current balance for meetings • Signed:______________________________________Date:__________________

13. Record Keeping –Best Practices

14. Record Keeping – Best Practices • Keep a Treasurer Binder with forms, resources, and meeting minutes, etc. • Keep a binder with income and expenses filed by bank statement • Keep all records on file according to IRS requirements

15. Financial Review

16. Financial Review Form Due by July 15th Who needs copies: aKentucky State PTA aYour Local District PTA aPrincipal

17. Here’s the 411 on Completing the Annual Financial Review: Why, When How Kentucky PTA bylaws require every local unit to complete a Financial Review and submit a completed form to the Kentucky PTA. A Financial Review must be completed every year even if the current treasurer has been elected for another term and/or if you have 2-year terms. The purpose is to certify the accuracy of the books and records of the treasurer and to assure the membership that the association’s resources/funds are being managed in a business like manner within the regulations established for their use.

18. Financial Review Done When? Annual Review: The Financial Review must be completed after the end of the fiscal year (June 30th). The completed form must be received by the Kentucky PTA, the school principal, and the PTA/PTSA Treasurer by July 15th. The incoming treasurer should not accept/receive the checkbook and records until a Financial Review has been completed and he/she has been given a copy of the completed form.

19. Financial Review How? Committee Selection: The process for selecting a Financial Review Committee is in the PTA/PTSA’s bylaws, Article VII, Section 1. The committee should be an odd number and generally consists of three members. Anyone who was a check signer for the fiscal year being reviewed and/or check signer for the upcoming fiscal year may not serve on the Financial Review Committee. Also, anyone related to, or lives in the same home as, a current or upcoming check signer, should not serve on the Financial Review Committee.

20. What you Need for the Review • The fiscal year is July 1st through June 30th; check your bylaws to confirm fiscal year dates. • A copy of the Financial Review Form for previous fiscal year. If there was more than one Financial Review completed, provide a copy of all forms. • The checkbook, including all unwritten checks, copies of all bank statements, check stubs, and all voided checks.

21. Filing 990

22. 990N e-Postcard Information Needed to File e-Postcard Completing the e-Postcard requires the eight items listed below: Employer identification number (EIN), also known as Taxpayer Identification Number )TIN). Tax Year Legal name and mailing address Any other names the organization uses Name and address of a principal officer Website address if the organization has one Confirmation that the organization’s annual gross receipts are $50,000 or less If applicable, a statement that the organization has terminated or is terminating (going out of business)

23. 990EZ File 990EZ if gross receipts are greater than $50,000 Detail instructions can be found at PTA.ORG: http://www.ptakit.org/UploadedDocuments/Finance/Additional-Resources/7_Instructions_IRS_Form_990EZ.pdf Or IRS.GOV https://www.irs.gov/pub/irs-pdf/i990ez.pdf Mail the Form 990EZ and completed schedules to: Department of the Treasury Internal Revenue Service Center Ogden, UT 84201-0027 It is recommended that the tax return be sent via certified mail with return receipt to maintain proof of the mailing date.

24. KY Department of Education Redbook

25. Redbook • General Guidelines • Insurance • Fundraising • Reporting