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Check your bylaws... that is where you want to look for guidance when it comes to a Principal or any other officer or members role. I know that in our by-laws it states who the Executive Committe is (Pres, VP, Sec, Tres, Principal/VP and at least 1 Teacher Rep). The Executive Committee oversees the group, but is also allowed "to conduct, manage and implement the affairs and business of the XYZ PTO and to make rules and regulations not consistant with law or bylaws."It doesn't matter what kind of group you have, nonprofit or not, if you're talking about sending stuff home. The principal usually has ultimate authority over that, as he should since he's the one who gets the nasty phone calls when parents get mad.
Or change the policy to state that any requests over $100 not allocated in the budget are subject to approval (by vote) from the Executive Commitee.May I suggest that you change the policy for requesting large amounts - say, over $100. I'd probably ask that any allocation requests over $100 need to be submitted in writing one week prior to the meeting. Then I'd let parents know about it so they can make it in to vote...