November Financial Action Items

Money roll
  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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:

  1. Annual financial review (mid-year also recommended)
  2. 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.