Financial Management

The success of a PTA and its ability to serve children and achieve its goals –whether at the local, council, state or national level – depends on keeping financial matters in order.

PTA guidelines exist to prevent problems and protect the assets of the PTA – the funds, volunteers and good name of the PTA and school. They are not designed to be restrictive or cumbersome, but rather proactive, serving as a means to safeguard your unit, PTA volunteers and work for children.

Follow These Guidelines for Sound Financial Management

  • Never sign a blank check
  • All checks must be signed by two unrelated signers.
  • Reconcile the monthly bank statement upon receipt.
  • Have two persons who are not signers on the account, review the bank statement monthly and initial.This is required by our insurance carrier for coverage.
  • Always operate under a budget approved by the general membership.
  • General membership must approve budget amendments.
  • Never sign a check payable to cash.
  • Maintain receipts for all purchases.
  • Audit the books annually, and upon the change of treasurer.
  • Use check request and money received (or receipts) forms for every transaction.
  • Submit the state and national portion of membership dues to Nevada PTA on a
    monthly basis.
  • Pay bills promptly upon submission of receipts.
  • Never pay bills with cash.
  • Always give a receipt when receiving cash.
  • Immediately deposit funds received into the PTA’s account, never into personal or the school’s account.
  • Never leave money in the school, trunk of your car, or home overnight.  Use the bank’s night depository –however, don’t go to the bank at night alone.
  • Always have two (2) people count money. The treasurer is the third (3rd) counter.
  • File a 990 Postcard (if gross income is less than $50,000) or a 990 or 990EZ and Schedule A with the IRS.
  • Send  insurance premium reimbursement to Nevada PTA by November 1 annually.
  • Send  budget, audit report and tax return copies to Nevada PTA by November 15
    annually

Nevada PTA has partnered with Non Profit Central to provide an easy online software for your PTA’s financial management. Please visit their website for a free trial and more information. Units in Good Standing receive special Nevada PTA price of $124 per year.

 

 

 

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