Our Treasurer keeps the checkbook, unless he is going to miss a meeting when it is given to one of the Co-Presidents. Only those 3 officers are authorized to sign a check or make a withdrawl from the bank. None of the 3 are allowed to sign a check to themselves. And no check gets written without our Reimburement Request form and receipts (or alternatively and invoice/bill to be paid directly).
We currently only require 1 signature - it would probably be more secure to require 2 but at this point we don't.
okaymom2,
Does the PTO have a bank account separate frmn the school? If all the PTO funding goes through the school account, that would explain why the school secretary does your books. In this case, the Treasurer is like an auditer, making sure the books balance and match the budget.
If you have your own account then why is the school secretary authorized to sign the checks unless s/he is on the PTO Exec Bd or that is what your Charter says is valid. If I were the Principal, I am not sure I would want my secretary doing work for the PTO. It may be perfectly valid and appropriate, but I would try to get more information about how this operates (without making a big deal if it until you know more).
I'm new to all this so bare with me..This is what I've been told.. The school secretary does all the pay outs for the PTO. We turn in our receipts to her and she refunds the money needed.
Don't actually know what the treasurer does if she is doing all this
We tried a check card (pre-paid credit card)once but it gave our treasurer fits. It's just too loose, no matter how carefully you control it. The problem is that you've already spent the money (in our case, $400), and you can only hope that you'll get back receipts from the person/people who use it.
We tried it for a specific event, but the committee didn't need all the money, so we had to hang on to the card until we had a reason to spend off the balance. The place we wanted to use it most wouldn't accept it becuase they don't accept credit cards and the treasurer had to give her personal SS# when she bought it from the bank. If we had lost it, we were out of luck. It sounded like a good idea, but the behind the scenes was a hassle. Since we've really not had problems with post-purchase reimbursements, we're going to stay away from the card approach.
We have 3 people who can sign checks, but each check must have 2 signatures on it. The treasurer, VP and the Prez. It is much better to have these safeguards in place so there is no doubt in anyone's mind that all transactions made on the PTA account are legitimate.
On another note, do any of you use Check cards on your account? It must be easier to make purchases for any teacher requests or operating supplies. Who holds the card? Let me know
Start with one key point: none of the below is meant to imply that you've done anything wrong with your group's $$ or aren't deserving of trust.
That said, the way you guys are handling your dollars is not wise. It goes against every kind of best practice. It puts your group at risk for loss, a risk that can be significantly lessened with some real basic steps.
I highly encourage you to make some changes. You'll find those suggestions in lots of places on this site.
It'll be even easier/better if you (the person with the $$ control now) suggest and support the changes. It's always some degree harder if the non-financial folks make the suggestion and it's not supported by the then-acting financial controller.
Your system is working now because you're trustworthy and working hard. But any financial system that relies on one person + trust is just not a good financial system.
