Connecting and Supporting Parent Organizations in NYC Public Schools
PA/PTA Financial True/False
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.
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.
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.
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.