Here are some financial tips and reminders for treasurers and all board members.
Beginning of the Year Business
- Present the 2020-21 budget for approval by membership.
Even if there are no changes from the version approved in the spring PTAs have new members and need to present it again for approval.
- It is OK to have your budget not balance to ZERO!
If you have a surplus, you may want to spend it down. If you are short, perhaps save.
- Items to look for in your local PTA budgets:
LWPTSA Scholarship Assessment ($125) and Auction (amount varies)
LWCLC Levy Support (Lake WA Citizens Levy Committee)
Founders’ Day cost increase to $35 per attendee
Increases in annually billed charges or subscriptions
- Present Financial Review results at a Membership Meeting. Membership needs to vote to accept the Review.
- IRS 990 tax returns are due November 15.
It is helpful if outgoing and incoming Treasurer work on this together. Find tips and guides on Washington State PTA’s website.
- Scams: Please review invoices/verify vendor details before writing checks. Scammers are always finding new methods.
- Standards of Affiliation (SOA) Agreement: Review and fill in the treasurer items on the checklist. Download the checklist and more on the Washington State PTA website.
- Council Scholarship Assessment: Invoices will be sent out in October and are due in November.
- Insurance: Review coverage with the board. Is it adequate or are changes needed? AIM coverage is voided if these 2 requirements are not followed: Annual financial review and Monthly bank statement review by non-signer.
- WSPTA Online Financial Safety for PTAs – under “Board Resources: Finance”; login required
- WSPTA Treasurer’s Handbook – under “Resources for Treasurer”; login required
- Your PTA Standing Rules
Have a question? Email Lake Washington PTSA Council Treasurer, Anmol Bhate at firstname.lastname@example.org