Question: Transitioning to a PTO
Our PTA board is interested in becoming a PTO. The only set back is, we have quite a bit of money, that we worked hard to fundraise last year, to use for our students and teachers this coming up year. It is my understanding that we have to have a zero balance to switch to a PTO; the money is not transferable. My question is: Can we have a PTO and a PTA this school year, and slowly start adding funds that we raise this year into the PTO account? Slowly depleating the PTA account? We just dont want to spend all of our money at once or donate to other charities. If we can't transition, could we make a donation to our school of the PTA balance and once we switch to a PTO, the school donate the money back to us? Just trying to see if there is a way around spending all of our money, but also doing it legally.
Asked by Aeskridge