The PA/PTA executive board is responsible for maintaining and safeguarding the records of the association. Financial records are all records that reflect income, expenditures and other financial transactions. Examples of records include:
- bank statements, checkbooks, checkbook ledgers, deposit slips, cancelled checks and voiced checks
- vendor contracts and purchase orders
- invoices and receipts
- records of deposits
- IRS Employee Identification Number (EIN)
- NYS Tax Exempt Certificate
- proposed and approved budgets
- Monthly Treasurer Reports
- Interim Financial Reports
- Annual Financial Reports
- Fundraising Activity Reports
- PA/PTA minutes related to financial transactions
To promote transparency, CR A-660 requires PA/PTAs to maintain comprehensive and organized financial records. A sampling of these requirements is listed below:
- A PA/PTA must keep all financial records for a period of 6 years.
- Financial records must be maintained on school premises. (The school must provide the PA/PTA with a locked location for record storage.)
- A PA/PTA’s bylaws must establish a process for counting, securing and depositing funds it receives, and one for documenting all financial transactions.
- All records must be made available to the membership and/or school and Department of Education upon reasonable request.
- A written Treasurer’s Report must be given at every executive board and general membership meeting. This report must include a statement of all transactions, including income, refunds, reimbursements and other expenditures, and opening and closing balances for the reporting period.
- An Interim Financial Report must be submitted to the principal by January 31st of each school year and an Annual Financial Report must be submitted to the principal by June 30th of each school year. These reports detail income and expenses to date; templates are below.