End of Year Wrap Up
An audit is a financial review of the PTA’s books. It serves to certify the accuracy of the PTA’s financial and board records. An audit assures the membership that the association’s resources/funds are being managed in a businesslike manner within established procedures. It must be con-ducted annually at the end of the officers’ term of office, and whenever the treasurer leaves office
Who is responsible for the audit?
The outgoing treasurer (as reminded, if necessary, by the outgoing president) should make arrangements for an audit to be done as soon as, and as expeditiously as, possible after they leave office. The incoming president should coordinate with the outgoing treasurer and president to insure this happens as soon as school ends.
Who prepares the audit?
Your unit does not have to hire a CPA and generally speaking should not have to pay for an audit. A committee of no fewer than three people can perform the audit. (Check your bylaws.) They can be PTA members from another school or someone in the community familiar with bookkeep-ing. You can find a Sample Audit form in Money Matters. The key is to have an independent review of the books con- ducted by someone who is familiar with proper PTA financial management. The auditor cannot be one of the signers on the bank accounts, or related to one of the signers. Contact your council, region or the Nevada PTA office for further guid-ance.
What do we do with the completed audit?
The treasurer presents the audit report at the next executive committee, board and general meetings, after which it becomes part of the minutes, the official records of the association. Send a copy of the com-pleted report to the Nevada PTA office.
