1. Finance Training Preparing for the Audit
PVP Council
November 13, 2015

2. CAPTA.org Toolkit Your Best Resource! Start at CAPTA.org
PTA LEADERS
Run Your PTA
Toolkit
Finance
If you have difficulty finding information, contact your PTA President with questions…
CAPTA.org Toolkit

3. Audit Report New Audit Periods July 1-December 31 January 1-June 30
Begin work in January as soon as the December Bank Statement is available
Approve the report at the Exec Board meeting in January or February
Adopt the audit at the February or March Association meeting
Copies sent to Council by the March Council Meeting
January 1-June 30
Begin work as soon as the June Bank Statement is available
Approve the report at the Exec Board meeting in August or September
Adopt the audit at the September Association meeting
Copies sent to Council by the October Council Meeting
Audit Report

4. Recording Secretary Finance Duties
Sign all Payment Authorization Forms
Record Financial Reports
Treasurer report info: beginning and ending balance, total deposits and total expenses
Financial Secretary report info: total of all deposits
Motions to adopt or approve (in minutes)
Check Ratifications
Release of Funds
Audit Report
Budgets
Annual Financial Report
Budget Adjustments
Budget Authorizations (motion to overspend)
Recording Secretary Finance Duties

5. Ratification of Checks
All checks must receive approval from the membership.
A motion to approve a check is done before the check is written.
A motion after the check is written is “ratified”.
A report needs to show: date, check number, payee, amount and budget category. Could be a part of the treasurer’s report or a separate report.
A motion to approve/ratify a check must:
Include the check numbers and the total amount.
Must be written in the minutes.
Ratification of Checks

7. Handling PTA Money Deposit money as soon as possible!
NEVER let money go home with anyone…
Money needs to be secured overnight:
Make arrangement for use of School safe
Document amount prior to putting into School safe
Place in sealed envelope signed by a school administrator
Verified by TWO authorized PTA representatives
Handling PTA Money

8. Cash Verification Form
Must be used when counting any money for the PTA!
TWO PTA members must count the money
One should be a Officer or a Chair
Both need to sign the Cash Verification Form
Must NOT be Blood Related, Married, or Live Together
Financial Secretary Responsibility
Sign Cash Verification Form to verify the amount received is what is documented on the form
After deposit, attach a copy of the deposit slip to the Cash Verification Form
Cash Verification Form

10. Deposits Financial Secretary
Copy of Deposit Slip to Treasurer
Report of Budget Categories for Each Deposit
Please share in order for Treasurer to have time to place information in Treasurer’s Report
Work with your Treasurer to discuss a Date Schedule
Deposits

11. Financial Secretary Report
List deposits separately
Include breakdown of budget categories associated with deposit
Include any electronic deposits (if they are not included in the treasurer’s report)
Some unit’s include bank interest
Total of deposited amount
Should always match the deposits listed on the treasurer’s report.
Financial Secretary Report

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14. Page 2

15. Financial Secretary Report
Report is read at Executive Board and Association Meetings each month
Report can be ed to each Executive Board Member
Copies available at Association Meetings
Copy given to Recording Secretary, Treasurer, EVP, and President
No Motion Necessary!
Recording Secretary will attach a copy of report to minutes
Must show that report was read during meeting
Financial Secretary Report

16. Treasurer’s Report Complete monthly Includes:
Beginning and Ending balance
List of Outflows (expenses)
Deposits from Financial Secretary
Total of Inflows and Outflows
Include All Bank Accounts
One Complete Total
Treasurer’s Report

18. Report is read at Executive Board and Association meetings each month
Report can be ed to each Executive Board member
Copies available at Association meetings
Copy given to Recording Secretary, EVP, and President
Copy ed to PV Council treasurer
No Motion Necessary!
Recording Secretary will attach a copy of report to minutes
Must show that report was read during meeting
Treasurer’s Report

19. Gathering Audit Information: Treasurer’s Duties
Treasurer’s reports
Meeting minutes (Exec Board and Association)
Payment Authorization forms with receipts
Copy of tax filings (IRS, State, Charitable Trust) and annual report – Just for mid year (January) audit.
Bank Statements and reconciliations
Copies of deposits slips and cash/deposit verification forms.
Checkbook and checkbook register.
The entire checkbook.
Do not take out checks to use while books are with the auditor.
Gathering Audit Information: Treasurer’s Duties

20. Payment Authorization Forms
PRIOR to a check being written, must have President or EVP and Recording Secretary signature
Payment Authorization Forms must also have the ORIGINAL receipt attached for reimbursement
Balance on the ORIGINAL receipt should be $0 to show payment
Each check should have it’s own authorization form
Check Signers should not sign their own form or their own check.
Payment Authorization Forms

22. Bank Statements Mailed to the school address
Have outside of the envelope and statement signed and dated by a non-check signer who is an elected officer
Maintain record of images of checks
ALL needed for your audit!
Bank Statements

23. Gathering Audit Information: Auditor’s Duties
Last Audit Report (if you don’t have a copy, ask the recording secretary. If all else fails, ask the council auditor)
Copies of any committee reports (ask recording secretary or president if you don’t have copies)
Copies of contracts (ask recording secretary or president if you don’t have copies)
Sticky notes for marking pages to be corrected
Red pen and/or pencil
Blue pen. Hint: sign final report in blue ink so you can tell the original from copies
Gathering Audit Information: Auditor’s Duties

26. Audit Report New Audit Periods July 1-December 31 January 1-June 30
Begin work in January as soon as the December Bank Statement is available
Approve the report at the Exec Board meeting in January or February
Adopt the audit at the February or March Association meeting
Copies sent to Council by the March Council Meeting
January 1-June 30
Begin work as soon as the June Bank Statement is available
Approve the report at the Exec Board meeting in August or September
Adopt the audit at the September Association meeting
Copies sent to Council by the October Council Meeting
Audit Report

27. Audit Report Completed for each bank account Should Contain
Beginning and Ending Balance
IRS EIN number (found in your By-Laws)
Attach Recommendations
List of Outstanding Checks and Outstanding Deposits
Complete and Attach the Audit Checklist
Audit Report

28. Do not write in the Audit Adoption Date until approved by the Association
Present to the Executive Board, then approved
At Association Meeting:
“I have examined the financial records of the treasurer of XXX PTA for the period of (beginning and ending date) and find them to be:
Correct
Substantially correct with the following recommendations
Partially correct with more procedures
Incorrect
“I move that the audit report for the period of (beginning and ending date) be adopted.”
Audit Report

29. Audit Report Signed Audit Report given to: Recording Secretary
President
Executive Vice President
Treasurer
2 Copies to PV Council Auditor
Audit Report

30. Conflict Resolution We are all in this together
Auditor’s job is to find the mistakes, it doesn’t mean that the other finance team members are not doing their jobs
Communication can help reduce conflict.
Ask for help if you can’t find an answer or don’t know how to handle a situation
Ask your PTA president or EVP
Contact the council auditor
Conflict Resolution

31. Thank You Council Treasurer: Tarrah Vierra Lambert
Council Financial Secretary: Wendi Gilchrist
Council Auditor: Katie Applewhite
Council Training Chair: Nancy Shafer
Thank You