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.
Treasurer Tips
- 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.
Helpful Resources
- 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 treasurer@lwptsa.net