Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer Virginia PTA

24
Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer Virginia PTA 2012 Annual Conference July 13, 2012

description

Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer Virginia PTA 2012 Annual Conference July 13, 2012 . The ABC’s Audits, Budgets, Controls. In this session we will: . Learn who does an audit and when. Learn how to develop a budget. - PowerPoint PPT Presentation

Transcript of Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer Virginia PTA

Page 1: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Session 102: Treasurers for Non-Treasurers

Jennifer Young, Treasurer Virginia PTA2012 Annual ConferenceJuly 13, 2012

Page 2: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

The ABC’s

Audits, Budgets, Controls

Page 3: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

• Learn who does an audit and when.

• Learn how to develop a budget.

• What controls need to be in place to correctly maintain the PTA/PTSA’s funds.

In this session we will:

Page 4: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

• Before a new treasurer takes over• At the end on each fiscal year

– Should be done within a month of year-end– Should be done right away if treasurer resigns

When do you Audit?

Page 5: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Who completes the Audit?

• An auditing committee of at least three– Can not be signers on the unit’s account(s)

• Or an accountant or person with excellent working knowledge of PTA accounting procedures.

Page 6: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

What is Audited?

• Treasurer’s reports• Check book and register• Bank statements• Deposit slips• Receipts• Receipt book• Previous audit report

Page 7: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

• Present audit report at the general meeting.• Written audit report given to President,

Secretary and Treasurer.• President calls for approval of the audit

report. This is the actual acceptance of the monthly financial reports that had been put on file.– Auditor or auditing committee all sign and date

the report at the time it is filled out

Audit Report

Page 8: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Questions?

Page 9: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Budget: Supply Line• Development

– Look at actual income and expenses from last yr.– Look at what income is needed to achieve goals.– Decide what will be added or deleted.– Make sure to include money for training,

advocacy, and leadership development.– Include start up funds for next year

Page 10: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Budget: Getting it Approved

• Present it to the full board • Make approved adjustments• Present it to the general membership for

approval

Page 11: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

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.

Page 12: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

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

The 3-to-1 Rule

Page 13: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

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

Page 14: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Questions?

Page 15: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

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

Page 16: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

IRS Form 990

All units must file 990, 990-EZ, or 990-N e-Postcard by the 15th of the 5th month after the end of fiscal year.

Page 17: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Insurance

• Check the renewal date of the policy• All treasurers (and officers) should be bonded• RV Nuccio offers insurance to PTAs or you can

get insurance from any other company

Page 18: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

• Have bank statements sent to school• Have a non-signer go over the bank

statements (required by some insurance plans)

• Reconcile statements in a timely manner

Banking

Page 19: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

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

Page 20: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

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

Page 21: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

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

Page 22: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Financial Statements

• Provided at each meeting– Balance from last meeting– Plus the itemized income– Less the itemized expenses– Current balance– Budget vs Actual

Page 23: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

Resources

• Money Matters from National PTA • Financial section in VA PTA LURG• State Treasurer• Leadership Training Conference• National PTA E-learning• District Training Events

Page 24: Session 102: Treasurers for Non-Treasurers Jennifer Young, Treasurer  Virginia PTA

For more information contact:Jennifer Young, Treasurer, Virginia PTA

[email protected]

www.vapta.org