If at all possible, I'd try to separate the positions. Regardless of who's handling the money, you have to worry about not only potential for mishandling of funds but even the PERCEPTION of misconduct in this area. Ideally, the treasurer would be a different officer and two signatures would be required on all checks. Could you have someone else be the official treasurer and you be the second signature? That would give you a measure of control and involvement.
If you absolutely have to take on both roles, I would at least be very vocal about the fact that the President also being Treasurer is a temporary necessity and state what controls you will put in place. Example: can another person balance/audit the checkbook each month? You want to protect the PTO funds, but you also want to safeguard your own reputation.
Cash handling processes also need to be considered. If you are the primary person running a fundraiser, you count the proceeds, and you deposit all the funds - who do you think will be the target of suspicion if someone later decides the event "didn't make as much money as it should have"? You always want two people verifying cash.
What do your by-laws say about holding 2 positions? Usually it's not acceptable. Its unfortunate that only 2 people are working to get things going. If you are nominated/elected to president position, I would give up the treasurer job. Doing both would spread you too thin and the PTO would probably not benefit as a result. More parents may be willing to get involved if you give them opportunities with responsibilities. If you become president, try to delegate more. You may be surprised at the response.
How do you feel about someone holding two positions? I am the PTO Tres. We have a PTO president that does nothing for the school, the only time he comes around is for the monthly meeting. This May I would like to take on PTO President position, the only problem is I just opened up our PTO account and will not give up the books unless I close out the account since everything is under my name. The bank were I opened up the account said I had to put the account under our school PTO but that there has to be a responsible person so since I am the treasurer if anything goes bad it will report to my credit. I spend over 25hours a week on school related stuff. Myself and one other parent are the only ones who are trying get this PTO going.
