Question: Doesn't the PTA need their own bank account?

I'm new to the whole PTA/PTO thing. Our school doesn't have officers but I have been put in charge of all Fundraising. Between this year and last year we have increased out fundraising $$ by over 300%. My question is - doesn't the PTA/PTO need thier own bank account to track that? Wouldn't it be considered income of the school if it's just put into the school account? It doesn't seem like there is any transparency when the PTA doesn't have their own account? Does anyone know if there are any guidelines on this?

Asked by Anonymous

Answers:

Advice from PTO Today

Rose H writes:
Hi there!
You are on the right track -- Your PTO or PTA should have its own bank account. You will need an Employer Identification Number (EIN) from the IRS to set up the account. This is like a social security number for businesses, and the bank will require it from you. Go to IRS.gov and fill out form SS-4. It takes just a few minutes.

Our article on starting a PTO will probably be a helpful read for you.

Good luck and stay in touch!

Community Advice

cajunmsgirl writes:
Yes Just as she said above. I would like to suggest two signatures on each check. Don't allow the Principals to sign on account and have an audit committee set up to go over finances at least every two months. Set up a P.O. box for your mail and statements to go to. These are things we have discovered are real important so that money wont end up missing.

Community Advice

jaskeland112 writes:
I'm just joining my local PTA as the Treasurer. The PTA has it's own bank account but they are requesting all personal information from authorized users of the bank account. Is it common practice to have my SSN, drivers license number and DOB on the PTA account? I'm curious if I'll have tax implications on money that doesn't belong to me personally. Can anyone help with common practice?