I'm in Colorado and this is how our group has been handleing our funds for five years with no problems. We do keep a ledger and copies of our expense forms and recieve a statement once a month from the school. We are a new enough group that we never applied for our own tax id number but have been able to use the school's to be tax exempt on purchases.
I have never written a check from our account and was President last year and Secretary for 2 years before that. We do get say on how we spend the small amount we bring in BUT I grew up in Iowa and the community I called home handled funds this way also. Fundraisiers were ran by our Moms and the money was turned over to the school. I know HOW 70's!
From what I have been told, other public schools in our district had been having problems with parents and PTO money so this is why we have it they way we do.
I look at it this way, as long as the money I am raising goes to the school and great things for my five children, it sounds good. Once they (school) spends the money on anythingelse...I'm not the only Mom that will be asking questions.

I am the PTO Treasurer at a small private middle and high school in Texas.

I have been told that in order to get our accredidation, all the PTO monies must be under the control of the school, i.e., all of the money must be deposited under their tax ID, in their name. We currently have two co-signers on our checks, and now they have informed us that the Head of the School and the Business Manager must also be authorized signers.

Our PTO raises about $80,000 a year.

I have been told that other private schools simply turn over all their money to the school, rather than voting on how it's spent.

Have any of you ever heard of this?