JHB, can I get a copy of your "Summary of Funds Received" form? You can email me at This email address is being protected from spambots. You need JavaScript enabled to view it.. Thanks!
Maria
All money recieved at our school must be counted by AT LEAST 2 people and one must be the treasurer. All checks recieved are photocopied, and any and all envelopes that we get money in must be kept for one year. we write on the envelope how much was in it, check #'s, cash vs. checks, etc. And we have an armored car that picks up all deposits on Tuesdays, so no one EVER leaves the building with money. It is stored int he school safe until deposit day. All bank statements are sent to the school and we photocopy it and the treasurer, principal and secretary all get a copy of it. We also submit purchase orders or reciepts to admin for reimbursement. all checks from school controlled accounts are computer generated and signed by the district superintendant, NOT the school officers.
PTOs in KY have to file taxes. KY tax system is set up a little different then most states from what I hear. The first full year I was pres was the treasurer's second term. She did not know she was supposed to file. The tax preparer helped her back track everything.
Funds, I really need help on this. Does a PTO have to file taxes? Do we have to be a 501,3,c? Or does the school which is a 501,3,c have to keep auditing us. I am really confused about this. The bank tells us to have our own tax ID number, does that mean we have to file taxes? We do not earn interest.
If you can steer me the correct direction I would love it.
Thank you, TCA PTO TAXES and FUNDRAISING
We've got many of the same safeguards as Critter. They aren't listed in this particular document, because it's written as a general doc to be handed out to committee chairs and officers and only deals with incoming funds.
One of my PTOs requires two signatures (like Critter, the bank won't enforce it, but it's a policy we follow and checked in the annual audit.)
The other has an account at a bank that doesn't allow checks with two signatures. For that one, the treasurer prepares - but is not a signer - on all checks. One of the co-presidents signs. So we still have two officers involved in each disbursement.
For disbursements, we also require a disbursement form with accompanying receipts to be attached.
Definitely an annual audit is a must. Our district auditor does it for free in the summer. But a committee could also handle it.
