FINANCIAL OFFICER RESOURCES

This page is dedicated to providing forms, information, and resources to unit and council PTA presidents, treasurers, financial secretaries, and auditors.

Still have questions?

Treasurers and financial secretaries, contact the First District PTA treasurer Jessica Sheen via email at Treasurer@PTA1.org

Auditors, contact the First District PTA auditor Kelley Schwedler via email at Auditor@PTA1.org

AUDITS….THE OLD, THE NEW AND THE REQUIREMENTS

Para leer en español, clic aquí.

It has been a long-time requirement for every PTA Unit, Council and District to conduct two audits of their financial records per year. The first is a mid-year audit, which covers the first six months of the fiscal year, and the second is an end-of-year audit which covers the last six months of the term.

As you prepare for your mid-year audit, we wanted to update you on some new requirements from our insurance company. These changes will help ensure more fiduciary accountability and protect your unit in the event of any insurance claims.

Some audit requirements have not changed:
1) The auditor needs to be appointed by or elected to the Executive Board per your bylaws.
2) The auditor cannot be related to any of the check signers by blood or marriage, nor live in the same household.
3) The audit must be presented to the Executive Board as well as the General Association for adoption.

This year there is one new requirement to the mid-year and end-of-year audits:

The audit must reviewed by an audit review committee unless the audit is conducted by a qualified accountant. What is the definition of a qualified accountant? A qualified accountant is someone who has been trained/licensed to conduct audits and/or review accounting records, such as a Public Accountant or Certified Public Accountant (CPA). They do not need to be currently employed in the field.

The audit review committee must be made up of at least two people and may include the auditor. The committee needs to review the work of the auditor and then sign the audit report. Once this has been completed, the audit must be presented to the Executive Board as well as the General Association for adoption.

Monthly Financial Review Requirements:
It has always been required that bank statements be opened by a non-check signer and then reviewed, signed, and dated. In addition, our insurance company has a new requirement that the monthly bank reconciliation be reviewed, signed, and dated by a non-check signer. It can be the same person who reviews the bank statement, but it needs to be done monthly.

It is important to follow these new guidelines to protect your insurance coverage. Coverage may be voided if the above requirements and conditions are not met.

To review all the guidelines for conducting a PTA audit, as well as the audit checklist and form, click here.

Conflict of Interest / Whistleblower Policy

As board members of a nonprofit organization, we have a fiduciary duty to conduct business in a manner that is transparent and appropriate and in line with state and federal law governing nonprofits.

Every board member is responsible for knowing and understanding the parameters of the PTA Conflict of Interest and Whistleblower Policies.

In addition, each year, every board member needs to complete the Conflict of Interest / Whistleblower Form.

Please make sure each council board member and unit board member is provided with a copy of the Conflict of Interest Policy and completes and signs the Conflict of Interest and Whistleblower Form.

The completed and signed forms should be retained by the unit or council treasurer as part of the organization’s corporate records, along with the tax filings.

Tax Preparation Information

IMPORTANT REMINDER: Every PTA Unit and Council must file Federal and State tax reports every year. California State PTA offers tax filing guidance and resources on their website.

  • It is very important that every unit and council file taxes each year, even if you made very little income.
  • Non-profits will automatically lose their tax-exempt status if they have not filed for the past three years.
  • Tax returns are due 4 ½ months after the close of your fiscal year.
    • If your organization’s Fiscal Year ends May 31 = Tax Returns are due by October 15, 2019
    • If your organization’s Fiscal Year ends June 30 = Tax Returns due by November 15, 2019

CLICK HERE to access the CAPTA.org Tax Filing Support Center

California State PTA

CLICK HERE to access the Finance section of the California State PTA online Toolkit

CLICK HERE to access the Finance page at the California State PTA website

PTA Financial Forms

Fundraising

Healthy Fundraising