Yes - an audit is very important. This is often done by a small committee or perhaps a CPA handling it for free. The audit will assure that YOU start with everything as it should be.
Equally critical - verify that you are indeed a PTA and not a PTO. As a chapter of the Parent Teacher Association (PTA), you are a part of a national organization. And, yes, they do provide a lot of guidance on what to fill out/when (and probably how the audit has to be done).
The information may or may not come with what's handed down to you. Frankly - I'd worry it was out of date anyway. So check with your next level up for information - probably your state office.
However, if you are an unaffilated parent group (often called a PTO), then you need to figure out your status and what's due when. If that's the case, post again and we'll help you.
One of the first steps then would be finding out for sure if your organization is a 501(c)(3) non profit authorized by the IRS, if you are sales tax exempt in your state, when you fiscal year is (check bylaws), and how much your group usually brings in GROSS per year. Less than $5000, you can just sort of exist. More than $5000, you are technically supposed to formalize your group to be a 501(c)(3).
If your group is not a PTA, not an independent 501(c)(3), bringing in more than $5000 and basically just trying to operate under the radar and hope no one notices, then you have to decide if you can be the treasurer for - essentially - an illegally operating organization.
One more thing - do not just take someone's word that you are a "PTA", "non-profit", "set up as a 501(c)(3), or "tax exempt". Many well-meaning people do not truly understand what these things mean and are just repeating what someone else told them. Make sure you see the documentation to support these claims so you know what you are.
First thing after receiving all the books and such is to have an audit completed. We do an audit at the end of our fiscal year and anytime there is a change of the treasurer position. This way you're starting off on a clean slate.
Our school year began in September and the PTA seems to be off to a slow crawling start. The treasurer resigned October 5th. I attended the board meeting October 7th. and no one had offered or considered the position. I read over the job description and basically was given the position before I had decided myself. :eek: I am receiving the books today along with everything else. I've done some research on the Calendar of Activities and it states that October is when you prepare all tax forms. When I receive the books will all directions and information on how to do this be included? If they are not included, with whom should I contact in order to receive it? :confused:
Thank you and any info is much appreciated!!!
Sincerely,
aj_lilsunshine
The treasurer resigned October 5th. I attended the board meeting October 7th. and no one had offered or considered the position. I read over the job description and basically was given the position before I had decided myself. :eek: I am receiving the books today along with everything else. I've done some research on the Calendar of Activities and it states that October is when you prepare all tax forms. When I receive the books will all directions and information on how to do this be included? If they are not included, with whom should I contact in order to receive it? :confused:
