by District 3's Presidents' Council

TRUE OR FALSE?


The PA/PTA treasurer must keep all financial records stored in their home. 

  • False. All financial records must be stored in the school.

The outgoing PA/PTA should purge all financial records at the end of their term. 

  • False. All financial records must be turned over to the incoming Executive Board at the end of the year (or term).

The PA/PTA treasurer report is only provided to the executive board and school principal. 

  • False. The treasurer report with all bank balances must be made at all general membership meetings.

A PA/PTA should maintain an ATM card to cover out of pocket expenses. 

  • False. PA/PTAs are not allowed to hold an ATM or credit card.

A PA/PTA can use the Department of Education Tax Exempt number for purchases. 

  • False. A PA/PTA must obtain its own EIN from the IRS.

A PA/PTA should write checks out for “petty cash.” 

  • False. All checks must be written to specific individual or organization and allocated to an approved budget item.

A PA/PTA must have an EIN number. 

  • True. 

Only one PA/PTA signature is required on checks. 

  • False. Two signatures are required on all PA/PTA checks.

All executive board members are automatically signatories on the PA/PTA checking account. 

  • False. Only executive board members who are voted as signatories AND get their names added to the accounts are authorized signatories.

An EIN number is required to conduct any fundraising activities. 

  • True

Monies collected from a PA/PTA fundraising event should be maintained on school premises. 

  • True. All funds collected from a fundraising event must be maintained on school premises during the event BUT must be deposited to the bank within 24 hours.

The PA/PTA treasurer is required to submit a Financial Report once a year to the principal. 

  • False. Treasurer is required to submit a financial report twice per year – an interim and final.

A husband and wife who are executive board members may endorse PA/PTA checks. 

  • False. Family members may not sign the same checks. It is permissible for a husband and wife to both be signatories on the account, but they cannot sign the same checks.

A school staff member is allowed to collect fundraiser proceeds from students on behalf of the PA/PTA. 

  • False. Students are never allowed to collect funds on behalf of the PA/PTA. PA/PTA members must handle all money transactions.

PA/PTA must create a proposed budget for the following school year in May and the general membership must approve the proposed budget in June. 

  • True

Quorum for a PA/PTA to approve expenditures is a minimum of six. 

  • False. Quorum at general meetings (where all expenditures must be approved) is a minimum of eight members including two Executive Board and six general members, unless the PA/PTA has received a waiver from FACE.

Reimbursement to a PA/PTA member for an out of pocket expense should be made from the PA/PTA petty cash fund. 

  • False. PA/PTAs are not allowed to maintain petty cash funds. All funding must be allocated to specific, approved budget items.