- LWPTSA Scholarship Assessment Due: Please remit the annual assessment as soon as possible. Can’t find the invoice? See here. Our Scholarship program is funded by these assessments and the Scholarship Basket Auction.
- Insurance Renewals Due: If PTAs are using AIM insurance, premium payments are due before the end of November. Remember to review coverage with your board before paying the premium.
- Federal Tax Forms Due: Whether you file a 990, 990-EZ, or 990-N, these are due by November 15. They can be filed at any time after your organization’s fiscal year ends. Don’t wait until November 14 to start the process.
- IRS Form 8822-B: Whenever the responsible party for your organization changes you need to file this form. The responsible party is typically the president but may also be the treasurer.
- Financial Review Committee: Identify a committee by December. It is highly recommended that PTAs schedule a mid-year review in January or February. This committee is generally appointed by the president or per your Standing Rules. It consists of no fewer than 3 of your PTA members or qualified accountant.
Insurance Coverage Reminder
AIM coverage is voided if these 2 requirements are not followed:
- Annual financial review (mid-year also recommended)
- Monthly bank statement review by a non-signer. Statements must be reviewed, signed and retained.
Why does insurance have these requirements? These are preventative measures set in place to accomplish two things: protect your organization from having a loss and limit the dollar amount of the loss through early detection. The financial review ensures appropriate money handling techniques are in place.