Treasurers are elected to manage the fiscal operations of each local unit PTA. Upon assuming office, the incoming treasurer obtains the following from the outgoing treasurer: supplies, ledger, checkbook, tax records, and all other treasurer materials. Each treasurer needs to obtain the procedure book from the previous office holder. The new treasurer must also contact the bank to file new signature cards for checking and savings accounts. Banks may require minutes of the election meeting recording names of new officers. These items are necessary for the financial operation of the association. When a new unit is established, the treasurer should request assistance from the Regional Director or West Virginia PTA if needed.
The outgoing treasurer cannot pay bills after the books are closed for audit or after the term has ended. Books being audited may not be available immediately. The West Virginia PTA recommends that books be ready for audit within 30 days after the end of the term of office. Completed audits are due to West Virginia PTA within 120 days of the end of the fiscal year. Upon assuming office, the incoming treasurer may pay authorized bills and deposit funds in the PTA bank account before the audit is completed. Be sure to ensure your PTA is in good standing with West Virginia PTA by submitting the required documents as stated in the Standards of Affiliation.
- Keep permanent records that track gross income, receipts and disbursements of the association, including the number of members, dues collected and the total dues remitted through channels to West Virginia PTA. These records should be available for inspection by an authorized representative of either the West Virginia PTA or National PTA.
- Chair the budget committee and prepare the budget for adoption by the association.
- Receive all monies from volunteers, counting monies received, give a receipt, and deposit immediately in the name of the association in a bank approved by the executive board.
- Receive and retain a copy of the deposit slip for any deposit made.
- Pay all bills as authorized by the executive board or the association and on receipt of payment authorization signed by the president and the recording secretary.
- Secure two authorized signatures on all checks. Any two elected officers (with the exception of the secretary and officers related by blood, marriage, or living in the same household) may be authorized to sign checks. Refer to bylaws to determine who is authorized within the local unit PTA.
- Keep an accurate record of receipts and disbursements in a ledger, which is a permanent record of the PTA.
- Report expenditures to the membership as they relate to the budget adopted by the association.
- Each month, remit portions of dues using the proper form.
- Prepare and present a Treasurer's Report at every association and executive board meeting. The Treasurer's Report also should be presented at other times, if requested by the association.
- Be responsible for completing and forwarding all necessary report forms required by the West Virginia PTA for insurance and for filing all tax returns and other forms required by government agencies.
- Make an Annual Financial Report to the association that includes gross receipts and disbursements for the year.
- Maintain continuous and direct communication with the president regarding finances. Advise board members of the status of the treasury and their individual budgets.
- Obtain information on proposed programs from program committee chairman.
- Become aware of deadlines (including postmark dates) for all financial transactions.
- All treasurers are encouraged to attend the West Virginia PTA convention.
- If the PTA has a bulk mail permit, verify funds are maintained in the account.
Contents of the Treasurer's File
A complete treasurer's file should contain the following:
- All auditors reports
- Bylaws and standing rules
- Federal Employer Identification Number (EIN)
- Annual financial reports
- Monthly financial reports
- Remittance forms to council and/or district
- National PTA Annual Resources for PTA’s Money Matters
- Recommendations for successorRecords Retention Schedule
- It is very important that certain records be retained. Listed here are items that must be reviewed on a periodic basis and kept in a safe place. Develop a records retention policy based on this list.
- Annual audit reports
- Articles of Incorporation
- Canceled checks for important transactions (e.g., taxes, contracts).
- Checks should be filed with papers pertaining to each transaction
- Corporation reports filed with the Secretary of State
- Legal correspondence
- Group exemption documents
- Insurance records:
- Minutes of executive board, association and committees (bound)
- PTA Charter
- Tax documents:
Letter assigning IRS Employer Identification Number (EIN)
State and federal tax forms, as filed
- Correspondence with state or federal agencies
- Financial statements (year-end) and budgets
- Grant award letters of agreement
- Payment authorization and expense forms (receipts attached) for payments to vendors or reimbursement to officers
- Cash receipt records
- Checks (other than those listed for permanent retention)
- Expired contracts and leases
- Insurance incident reports
- Purchase orders
- Sales records
- General correspondence
- Bank reconciliations
- Correspondence with customers or vendors if non-contested
- Duplicate deposit slips
- Current Bylaws, approved by state parliamentarian
- Standing Rules
- Certificates of Insurance
- Inventories of products and materials, updated yearlyTREASURER 'S REPORT
A monthly report must include
- balances at the beginning and end of the period covered;
- amounts credited to the general fund and any special funds;
- receipts and disbursements with a detailed written report;
- The report must be posted and/or distributed. Copies of the report must be provided to the president and secretary and added to the treasurer's file, which must be placed on file for audit.
- A written Auditor's Report must be presented semiannually to the association after the books and financial records of the association have been audited. If all is in order, the auditor or audit committee should prepare a report, and the auditor and each member of the committee should sign it.
- A report must also be submitted by the audit committee in the event that there are not adequate records available to conduct a proper accounting of the association funds. The audit report must be officially adopted by the association.
Annual Financial Report
- The Annual Financial Report reports gross receipts and disbursements for the fiscal year. The report is distributed to the executive board and to the membership. West Virginia PTA requires a copy of you annual 990 and audit/financial review.Treasurers Leaving Office
- Financial records should be put in order for the auditing process shortly before the end of the term of office. The audit should be completed as quickly as possible. The outgoing treasurer cannot pay bills after the books are closed for audit or after the term of office ends. Upon assuming office, the incoming treasurer may deposit funds in the PTA bank account and pay authorized requests for reimbursement bills as needed.Attention Treasurers: IRS Requirements for ALL PTAs
- If your unit will gross less than $50,000 for the fiscal year, you will file the 990-N Postcard.
- If your PTA’s gross receipts for the fiscal year are more than $50,000, but less than $500,000, you must file Form 990EZ.
- You must send a copy of the annual 990 filing to the West Virginia PTA office by the deadline in which your 990 form is due to remain a local unit in good standing.