PTA Financial Guidance on Fund Handling and Event Management

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Learn about important financial considerations for PTAs, including handling restricted funds, managing event postponements, refund policies, and budget amendments. Ensure compliance with regulations and best practices to effectively allocate resources for the benefit of school programs and projects.

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WELCOME! PLEASE POST QUESTIONS IN THE CHAT ROOM INCLUDE YOUR SCHOOL AND COUNTY. IF WE CANNOT ADDRESS THEM DURING THIS CALL, PLEASE SEND AN EMAIL TO YOUR COUNTY COUNCIL TREASURER OR REGION REP AND CC ME! THANKS!

BUDGET PLAN OF HOW TO RAISE AND SPEND MONEY MAKE SURE PROGRAMS & PROJECTS ARE EQUITABLY DISTRIBUTED TO BENEFIT THE CHARITABLE CLASS INCLUDE AN INTERIM BUDGET MUST BE VOTED ON & ADOPTED BY THE GENERAL MEMBERSHIP BEFORE FUNDS SPENT

HOW DO WE HANDLE RESTRICTED FUNDS IN THE BUDGET? MUSIC TEACHER RAISED FUNDS THRU PTA AND WE WANT TO RESTRICT BALANCE Per 501(3)(c) rules, PTA CANNOT RAISE FUNDS or pass funds thru PTA FOR A NON-PTA RELATED GROUP such as the music program. Rather than a restricted fund, the funds should be given to the school to hold for the music program.

WE AUCTIONED OFF A HOUSE PARTY IN OCTOBER THAT WAS SUPPOSED TO HAPPEN ON 03/27. WE HAVE NOTIFIED THE ATTENDEES OF A POSTPONEMENT; HOW DO WE HANDLE? CONTACT THE VENDORS TO SEE IF THEY WILL HONOR THE EVENT WHEN GATHERINGS CAN OCCUR. IF AGREEABLE NOTIFY THE PURCHASERS AND OFFER A REFUND WITH INSTRUCTIONS ON HOW TO APPLY FOR IT AND IN THE LETTER MENTION A DONATION OPTION TO PTA WITH A DEADLINE TO RESPOND, AND IF NOT, THENOFFER A REFUND WITH INSTRUCTIONS ON HOW TO APPLY FOR IT AND IN THE LETTER MENTION A DONATION OPTION TO PTA WITH A DEADLINE TO RESPOND,

WE HANDIBID OUR SCHOOL CARNIVAL WHICH STATES ALL PURCHASES WERE NO-REFUNDABLE. ARE WE OFF THE HOOK FOR REFUNDS? BEST PRACTICE: CONTACT THE VENDORS TO SEE IF THEY WILL HONOR THE ACTIVITIES AND IF NOT, THEN OFFER THE REFUND WITH INSTRUCTIONS ON HOW TO APPLY FOR IT AND IN THE LETTER MENTION A DONATION OPTION TO PTA WITH A DEADLINE TO RESPOND

THE PRINCIPAL HAS APPROACHED THE PTA TO SELL YEARBOOKS. CAN WE? WE DO NOT HAVE A LINE ITEM FOR THIS SPECIFIC PURPOSE. DO WE NEED TO AMEND THE BUDGET THROUGH A GENERAL MEETING? Yes, you need a general meeting. If a budget line item is not included for yearbooks, [or anything else] it must be approved by the membership. You can accomplish this through a Virtual General meeting.

IN LIGHT OF COVID 19 , CAN WE PURCHASE GIFT CARDS FOR TEACHER APPRECIATION, SENIORS, STUDENTS .? No, the IRS has not relaxed any guidelines with regards to the treatment ofgift cards.

WE ARE WAITINGTO CELEBRATE TEACHER APPRECIATION UNTIL THE NEW SCHOOL YEAR. HOW DO WE EARMARK MONEY? Update the budget at the electronic/virtual general meeting and move those line items and any other necessary line items in the approved budget to the "INTERIM BUDGET" and have the members vote on it at that meeting.

WE HAVE HAD TO CANCEL 2 MAJOR SCHOOL EVENTS AND HAVE PROCESSED REFUNDS TO PARENTS. WHAT HAPPENS TO THE UNCASHED REFUND CHECKS AT THE END OF THE FISCAL YEAR? On the Audit form, these are listed as outstanding checked as they have not cleared the bank. It might be a good idea to ask that all checks be deposited ASAP.

WHAT FORMS/DOCUMENTS DO WE PROVIDE ANNUALLY TO THE SCHOOL BOOK KEEPER FOR THEIR RECORDS? Please check with your county council or Region Rep as School Districts may differ. However, the records of the PTA belong to the PTA which is a separate entity from the school and school district.

WHO CAN BE ON THE AUDIT COMMITTEE? CAN IT BE ANYONE IN PTA? CAN IT BE FROM THE EXECUTIVE BOARD? Check your Bylaws! Must be non check signers and did not handle PTA funds.