1 UNIT TREASURER DUTIES GLENDALE COUNCIL PTA Usha Archer, Council Treasurer 2011
2 Topics Mission Statement Board Responsibilities Sources of information Duties & Responsibilities Treasurers File Check Signers Financial Calendar Reports Annuals Taxes State Charitable Trust Budget Project Carryover Conflict/Whistleblower Treasurers Report Audit Income/Deposits NSF Checks Writing Checks Bank Reconciliation Hiring employees Vendors Gifts Commingling Funds Fundraising Other things to know Records Retention Contacts
3 Mission Statement The mission of the California State PTA is to positively impact the lives of all children and families by representing our members and empowering and supporting them with skills in advocacy, leadership, and communication.
4 Responsibilities of the Board Protect the assets of the organization. Ensure compliance with all laws. Ensure assets are used to serve the interest and needs of beneficiaries. Ensure continuity of the organization. Ensure the organization remains transparent. Ensure you are carrying out the purpose you have been given. The PTA program, budget, membership plan and fundraising plan must be approved by the association at the first meeting of the year and before any plans are implemented.
5 Fiduciary Responsibilities PTAs must be fiscally responsible to the members and need to ensure all financial procedures are followed. This is the responsibility of ALL members of the executive board.
6 Sources of Information Source Contact Purpose State PTA Toolkit-Finance Section /downloads/toolkit-2011/toolkit-en.pdf Forms: /downloads/toolkit-2011/toolkit-en- 09.pdf Explains procedures, responsibilities for each person. Forms Sample reports Unit Treasurer Procedure Book Outgoing unit treasurer Explains unit s procedures, has examples of previous duties Unit s Bylaws Unit parliamentarian or president Fiscal year Audit dates States amounts that can be paid in between Association meetings. States carryover amounts. Glendale Council PTA web site Forms Procedures Financial calendar First District PTA Forms Tax info District info
7 Duties & Responsibilities Follow proper procedures. Keep accurate records. Pay accounts promptly. Meet all deadlines/due dates given. Responsible for maintaining the financial records of the Association. Show up to your unit s meetings. Preparing and presenting reports. Maintain procedure book. Work with outgoing Treasurer to learn the ropes, accounting system.
8 Immediately Upon Election Board members meet Board members survey the school s needs & sets goals 3-to-1 Rule (Programs-to-Fundraisers) Treasurer chairs budget committee All officers attend training Become familiar with the reports Review Toolkit and bylaws; they are the governing documents
9 Treasurer s File Procedure book Bylaws Budgets Annual reports Toolkit Finance section Tax info. Audit report Checks and register Deposit slips Historical Financial records Forms Cash verification Payment authorization Warrant statements Council remittance forms Membership remittance forms Unit Financial Summary Report Project carry over substantiation Financial calendar Contacts
10 Check Signers Change check-signing officers at the unit s bank. New signature cards must be completed if officers are changing. At the meeting prior to year-end, the Association must approve the new check-signing officers These minutes must be presented to the bank as evidence of the change. NO BANK/ATM CARDS ALLOWED!
11 Unit Financial Calendar Due Dates Due Date Spring First Association Meeting of New Fiscal year Items Meet with Outgoing/Incoming President and Treasurer to work on budget Present proposed budget to Board Release funds to be spent over the summer before next Assoc meeting. Present financial reports Accept Annual Financial Report for the prior year Adopt year-end audit Authorize fundraisers and programs Adopt budget for the current year Present Treasurer s Report Ratify any checks written since last association meeting Authorize specific expenditures Release funds for fall programs
12 Council Financial Reports Due Dates Due Date End of August By September Council Meeting By October Council Meeting Items Unit Annual Financial Summary Report Annual Year-End Audit Annual Year-End Financial Report (Treasurer s Report) Adopted Budget Project Carryover Funds Substantiation Report Tax Returns-Federal 990, State 199 Council Operating Contribution Council Student Welfare Contribution Daily HS Contribution Council Administrators Lunch Early Bird Membership RRF Insurance Premium Workers Comp Annual Payroll Report By December Council Meeting Mid-Year Audit Report (FY ending 5/31) By February Council Meeting Mid-Year Audit Report (FY ending 6/30)
13 Reports-Annual Annual Financial Report/Treasurer s Report Recaps all gross income spent and expenses incurred compared to budgeted amounts by category for the fiscal year just completed. The top header should include: fiscal year (dates covered), unit name and city, IRS EIN #, Glendale Council, First District. Form Sample: see link on page 6 for all forms Due by August 31 Outgoing treasurer responsible to complete.
14 Reports-Annual Unit Financial Summary Report This summarizes your bank balance and the signers and secretary of your unit. Form available on Glendale PTA web site. Due August 31 Outgoing treasurer responsible to complete. Sample: alecounciolpdf.pdf
15 Reports-Annual Taxes-Federal Form 990 Federal Tax Return Glendale/First District PTA web sites have assistance and links. $50,000 or less in gross receipts Form 990N ( e-postcard ). $50k-$200k in gross receipts, Form 990EZ. With assets less than $500k. Gross receipts do not include dues passed onto council. $200k+ gross receipts Form 990 Returns due 4 ½ months after close of fiscal year. If you get any notices at all from the IRS or any California agency, notify Council immediately! Do not try to solve yourself!!
16 Reports-Annual Taxes-Federal (continued) Consider hiring a tax preparer if receipts are $50k+ Fines may apply for late filings! Send 2 copies to Council Treasurer. epostcard forward confirmation to Council Treasurer. Due August 31 Outgoing treasurer responsible to complete. Information at: Form 990N E-postcard info:
17 Federal Forms Form 990 tax returns are required annually Form 8868 is required for an extension Due 4 months and 15 days after fiscal year ends (June 30 is due November 15) Schedule B is required if PTA receives a donation of $5,000 or more from a single donor Form 990EZ and Form 990 have additional schedules
18 Reports - Annual Taxes-State **NEW** State of California new requirements for tax year beginning in 2010, ending in 2011 Form 199 or 199N Gross receipts less than $25, N Not including pass through to Council Gross receipts $25,000+ = 199 $10 fee All units must file, no exceptions! Tax returns due 4 ½ months after close of fiscal year.
19 Reports - Annual Taxes-State (continued) **NEW** Franchise Tax Board (FTB) is issuing Entity ID Numbers (aka Org number). Not the same as IRS Federal Employer Identification Number (FEIN) Different from CT # Notify Council of your SEIN uly/article_8.shtml If you get any notices at all from the IRS or any California agency, notify Council immediately! Do not try to solve yourself!!
20 Reports-Annual California State Statement of Domestic Non-Profit (SI-100). For incorporated units only. Current fee is $20 (make sure to budget annually) Due bi-annually. pdf
21 Reports-Annual The last word on taxes: You should present the various returns to the Board They must have an understanding of the financials of the unit and should vote to authorize the Treasurer to submit the tax return. Give them 10 days to review prior to vote.
22 Reports-Annual NEW** New State Requirement for 2012 for all units Charitable Trust Numbers (aka CT Number) - All units have to apply for one. Registration Renewal Form (RRF-1) aka Charitable Trust Number renewal fee. State s Attorney General disclosure form. Stated receipts should match tax returns. Annual within 4 ½ months after end of fiscal year. Don t file RRF until you get a CT #!
23 Reports-Annual Budget Outlines estimated income and expenses for fiscal year. Do not assume any financial obligation can be carried over into another term of office. Treasurer chairs budget committee, include ingoing/outgoing president. Needs to be voted/adopted on at association meeting. 2 copies of proposed budget to Council Treasurer. If adopted without changes just let the Council Treasurer know the date of adoption If adopted with changes, send the final approved budget. Form Sample: see link on page 6 for all forms Due August 31.
24 Budget Monitor monthly. Notify Chairs of budgeted amounts Budgeted amount does not equal amount that can be spent, especially if income is lower than expected. Can be revised by Association. Exec Board reviews first.
25 Reports-Annual Project Carry-Over Substantiation form Carry over what standing rules (attached to bylaws) indicate. If none, carry over amount sufficient to get through expenses for the first month or so of new fiscal year (typically $2,500 - $5,000). Whatever funds raised should be spent in that fiscal year. A Board can t encumber a future board for an expenditure. Amounts carried over for specific project(s) If not spent in that fiscal year, use Project Carry-Over Substantiation Form Two copies to Council Treasurer. Form: Due August 31.
26 Reports-Annual Conflict/Whistleblower Form Annual questionnaire Required to be signed by all board members annually. Unit Treasurer to keep on file. Form: orms/conflictwhistleblowerform.pdf
27 Reports-Monthly Treasurer Reports Complete separate report for every Exec Board and Assoc Meeting. Report to Assoc should show all months between meetings. Report period should be close to Meeting, one week before is recommended. Show income and expense categories, budgeted amount for each category, and difference between actual received/spent and budgeted amount. Present bills to be paid. Display beginning and ending bank balance with total income and disbursements shown for period. Beginning bank balance of report should match exactly as ending bank balance of previous report.
28 Reports-Monthly Treasurer Reports Do not include spending not yet been approved by the association. Annual report shows all of the above but for the entire fiscal year. Summer: prepare at least one report for the summer months. EG, if you have an Association meeting in June and then the next one is in September, your report should be June 1 through August 31. Form Sample: see link on page 6 for all forms
29 Treasurer s Report Categories Income not belonging to Unit: Membership Unit Income: Fundraising, Membership, Carnival, etc. Disbursements not belonging to Unit: Membership Unit Expenses: Matching income categories, Assemblies, Classroom grant, etc. Miscellaneous category is for incidentals If you are putting larger amounts into this category, create a new line item for that event.
30 Audit Report Verification of the financials/banking records to ensure there is no fraud or mistakes in the accounting of the unit. Conducted by unit auditor (Council Auditor if no unit auditor). Auditor should not be related by blood/marriage or reside in the same household as the President, treasurer or financial secretary. Conducted twice per fiscal year At close of fiscal year and mid-point of year. Bylaws state when audits are to be conducted and due dates.
31 Audit Report Unit Treasurer must give all necessary paperwork to auditor, including: Checkbook & canceled checks Bank statements and deposit receipts, including cash verification forms Check ledger or register Check requests with itemized statements and receipts for bills paid Copies of all minutes and adopted budget. Bylaws Tax Return
32 Audit Report Send 2 copies of audit to Council Treasurer. Audit report Audit Checklist Due August 31 and December 31/January 31. Outgoing treasurer responsible to get books ready for YE audit. Form and checklist sample: see link on page 6 for all forms
33 Income-Deposits Only PTA funds should be deposited into PTA accounts and never deposit PTA funds into a person s account(s). Event chair plus second person must count money before submitting. Use Cash Verification Form (online at capta.org). Attach adding machine tape or spreadsheet for checks. Maintain paper trail: copies of deposit slips and cash verification form. Deposit money immediately after event or leave in school safe. Do not hold onto money!! Do not take it home!! Huge liability for Chair, Board and unit.
34 Non-Sufficient Funds Non Sufficient Funds returned checks Deal with NSF checks immediately Collect total of NSF check and any bank fees Enter amount of NSF check as a negative amount in income account. When collected enter as a positive amount to same income account.
35 Writing Checks All checks must have 2 signatures Don t sign blank checks. No checks written to cash. Use Payment Authorization/Reimbursement form with receipts attached. Expenses must be preapproved by the association prior to money being spent. Event chairs must plan ahead to request preapproval for Association approval before event. Association can deny payment. Any expenses spent above preapproved amount must be approved by Assoc prior to being paid out. Categorize appropriately.
36 Writing Checks Warrant Statement Listing of checks to ratify and bills to pay. Read at Association meeting for approval. Create separate warrant statements for checks to ratify and bills to pay. Include date, meeting title, list of checks (numbers, payee, budget category and amount). Checks to ratify are bills approved by Exec board between assoc mtgs Checks can be released but must still be ratified by Association. Bills to pay are those checks to be approved at Association meeting Those checks/bills in between Exec Board meeting and Assoc meeting. Warrant stmt should be signed by president and secretary.
37 Writing Checks Paying Expenses to Council Use Council Remittance slip for payments to council (except membership). Membership use separate remittance slip. Payable to Glendale Council PTA. Pay before due dates. Send to Council Financial Secretary. Membership Payments Use pink form. Send to Council 1 st VP-Membership. Council, State, National dues = $4.75 per member. Use category titled Income not belonging to Unit for receipts and Disbursements Not belonging to Unit for payments to Council.
38 Bank Reconciliation Have officer other than check signer review bank statement, sign and date it, then forward to treasurer. Need deposit slips, receipts and check register. Reconcile as soon as possible.
39 Hiring People/Vendors Unit PTA s should not be in the business of hiring people. If units pay an individual more than $600 per tax year, unit must file a 1099 or W2 for that person and possibly pay taxes for them. If unit pay over $1,000 to all individuals hired in a calendar year, unit must pay additional workers comp. This includes babysitting services at Association meetings. Check Insurance/Loss Prevention Guide for acceptable activities.
40 Workers Comp Always complete this form, whether you paid someone or not during the year. List anyone who your unit paid (babysitters, assembly vendors, independent contractors, etc), who do not have their own WC insurance. If vendor has its own WC insurance, do not list on PTA WC form, but attach copy of vendor s WC insurance. List name of worker, type of work, dates worked, payroll amount. If no one paid write, no one paid. Every unit must submit a form. Due November each year 2 copies to Council Treasurer. Project for full calendar year. Form:
41 Vendors Contracts must be voted on at Association meeting and signed by 2 elected officers One signer must be the president. Read contracts carefully. Never sign a hold harmless agreement. Use CA PTA s Loss Prevention Guide for guidance.
42 Gifts PTA cannot give gifts to individuals! Donations are acceptable Freewill Donation collected at Founder s Day Donations to Boys Camps in December Teacher appreciation anything given should be nominal or not collected or distributed through PTA. Classroom grant need to be reimbursement of actually expenditure with a receipt etc. just like any other PTA expense.
43 Gifts Gift of money to the school or district to buy a specific item is acceptable. Should benefit the largest number of students possible. Make sure school/district approves of your purchase. Association must approve gift. Prepare Fiduciary Form and letter to go with the check. District will send a letter accepting the gift. Keep documents/letters with treasurers files Form Sample: see link on page 6 for all forms Honorariums Are acceptable in certain circumstances Used to provide funds to individuals who donate their services to unit.
44 Commingling Funds All money in PTA accounts belongs to PTA. Association can vote at any time to spend it however they wish. Do not hold money for other groups 6 th grade etc. These should run through ASB or Foundation.
45 Fundraising Fundraising must support the goals of the PTA Related to the educational, charitable, philanthropic purpose of a tax-exempt organization. 3 to 1 rule For every 1 fundraiser, you must have 3 events you are supporting.
46 Raffles 90% of gross proceeds must go to non-profit 50/50 drawings are 90/10! Must register with the State Attorney General's Registry of Charitable Trusts prior to conducting the raffle File financial disclosure reports on each raffle. Online registration: https://rct.doj.ca.gov/login.aspx
47 Other Things to know Keep historical records in a secure place. Typically will be at the school site. Consider using financial accounting software Quicken or Quickbooks PTAEZ Excel okay but more work in the long run. Back up your files monthly!
48 Records Retention Part I PERMANENT STORAGE Annual audit reports Articles of Incorporation Canceled checks, for important transactions (e.g., taxes, contracts) Checks should be filed with papers pertaining to the transaction Corporation reports filed with the Secretary of State Legal correspondence Group exemption documents Insurance records: Accident reports Claims Policies Ledgers Minutes of executive board, association and committees (bound) PTA Charter Tax documents: Exempt status Group exemption Letter assigning IRS Employer Identification Number (EIN) State and federal tax forms, as filed Correspondence with state or federal agencies Trademark registrations
49 Records Retention-Part II 10 YEARS Financial statements (year-end) and budgets Grant award letters of agreement 7 YEARS 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 Invoices Purchase orders Sales records 3 YEARS General correspondence Employee records (post-termination) Employment applications Petty cash vouchers 1 YEAR 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 yearly
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