The treasurer, as the authorized custodian of the funds of the association, receives and disburses all monies indicated in the budget and prescribed in the Local PTA bylaws or as authorized by action of the association.
The incoming treasurer should discuss with the former treasurer the status of current fundraising activities, what money is available to be spent versus what is owed, and the bylaws as they relate to the treasurer’s responsibilities.
The Treasurer is Responsible for:
- Ensuring that the PTA’s financial records are reviewed according to the bylaws before assuming his or her duties;
- Ensuring three authorized signatures are on file at the bank for financial transactions; these signatures are usually that of the current president and treasurer, and one other officer as an alternate (no two check signers should be from the same household);
- Collecting all money from persons delegated to collect or to raise funds during a local unit activity, and providing a written receipt for those funds;
- Promptly depositing all money in the name of the local unit in a bank account approved by the board;
- Maintaining an accurate record of all receipts and disbursements;
- Remitting, by check, all authorized bills and statements as prescribed in the bylaws;
- Presenting a written and verbal financial statement at each board meeting and at each general membership meeting;
- Chairing the Budget Committee and preparing the annual budget as prescribed in bylaws;
- Reporting income and expenses as compared with the budget;
- Ensuring an audit, financial review or compilation is done in accordance with the bylaws, Texas PTA requirements, and the PTA’s business practice;
- Preparing an annual report to be used to review PTA financial records; and
- Ensure the filing of the PTA’s 990 report to the IRS.
Recent Updates from Texas PTA
- Texas PTA will allow PTAs to purchase gift cards. Any gift cards purchased by a PTA/PTSA should not exceed $25 in value and must be retail-specific (branded cards of restaurants, stores, etc.). Generic cards such as MasterCard and Visa are not permitted.
- Texas PTA will allow Local Unit PTAs to use limited electronic banking for electronic payments to the Texas State Comptroller and Texas PTA.
- Texas PTA will allow one signature on PTA checks. PTAs should adopt a check signature policy (e.g. number of signers, amount thresholds, etc.) to be added to their Standing Rules. The purpose for this change is financial accountability.
- Texas PTA has removed the restrictions on the Secretary, in the Local and Council Bylaws, from being a signer on the account or a reviewer of bank accounts.
- Treasurer's Quick Start Guide
- Treasurer's Resource Guide
- Treasurer's Finance Quick Reference Guide
- Money Matters in an Electronic Environment Guide
- Do's and Dont's of Contracts
- Tips on Changes in Accounting Period
- Fundraising: Raffles in Texas
- Sales Tax Flowchart
Policies, Documents and Samples
- Treasurer's Sample Forms and Documents
- Records Retention Policy
- Texas PTA Letter of Determination
- Document Requirements for Charitable Contributions
- Sample Donor Receipts
- Sample Credit Card Policy
- Sample Letter of Forgiveness
- Secretary of State Sample Application for Sales Tax Permit
- Sample Budget
- Sample Monthly Treasurer's Report
- Sample Annual Report
Forms and Templates
- Financial Management Checklist
- Fraud Prevention Checklist
- Non-Signer Review of Bank Statement
- Texas PTA Itemized Receipt Form (English/Spanish)
- Customizable PTA Disbursements Form
- Customizable PTA Itemized Receipts Form
- Customizable PTA Reimbursement Form
- Texas Sales and Use Tax Exemption Fill-In Form
- Texas Hotel Occupancy Tax Exemption Fill-In Form
- Financial Statement Templates
- Budget Worksheet
- Texas PTA BASICS: Treasurer Webinar
- National PTA E-Learning Library
If you have any questions or require additional information throughout the school year, please feel free to contact Council Treasurer, Karen Douglass.