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August has arrived and with it, many of the schools in our area are welcoming back students, while others have been in session for almost a month. Hopefully, you have had a chance to update the signers on your bank accounts and are ready to present or have presented the 2024-2025 Budget, the 2023-2024 End-of-Year Financial Report, and a treasurer report from the last association meeting to the end of the year and your July Treasurer Report to your association. Yes, you have been busy!
One way to ensure that your meeting minutes reflect the required information is to send that information to your secretary before the meeting or provide them with a written copy at the meeting. Meeting minutes should include the beginning balances in all accounts, expenses during the month, and the ending balance in all accounts. The ratification of check numbers and total expenses should also be included in the minutes. I always like to share income for the month as well. Remember you are reporting income and expenses for the month and your ending balance should include checks that the bank may not have processed. Your report should not be a restatement of the bank statement.
At each meeting, you should provide your financial reviewer or a board member who is not a signer on the account with the bank statement that shows you have reconciled the accounts. What does reconciled mean? It means that you have verified all deposits, that all the checks that the bank has processed are accurate, and you have noted any checks that were written that have not been processed by the bank, aka outstanding checks. Your reconciled balance is the bank balance minus the outstanding checks. The non-signer should sign and date the bank statement to verify that the information presented in your treasurer's report reflects what is on the bank statement. This verification is a requirement by the insurance company so we recommend completing it during the meeting when the reports are being presented.
Are you ready for the dreaded T? Yes, taxes are just a few months away for most of our units. Taxes and the RRF-1 forms need to be filed 4 ½ months after the end of the fiscal year. For most of our units that is November 15th, but check your bylaws to verify your fiscal year. If your unit has a gross income (Total income minus memberships pass-through) of less than $50,000 your unit can file the 990-N, the 199-N, and the RRF-1 with the CT-TR-1 forms. To complete these forms you need your 2023-2024 End-of-Year Financial Report, your Bylaws and about 45 minutes to complete the filing. They are actually easy to complete and can all be completed online.
If your unit makes more than $50,000 per year we recommend you find someone who is experienced in filing tax returns for non-profit organizations to complete the 990-EZ or 990 form and for the state, the 199 form. This person may also file the RRF-1 with the 990-EZ or 990 form attached, but if they do not, be sure that you complete them and send them in with the payment. The Registry of Charitable Trusts is part of the Attorney General’s office and they assess late penalties that cannot be paid with PTA funds.
I have linked a survey for treasurers to help me plan and implement some training for treasurers in the next few months. If you need assistance sooner you can visit the Ninth District PTA website where you will find webinars on budgets, tax filing, and being a treasurer. If you need more assistance contact your council or myself at treasurer@ninthdistrictpta.org.
Remember to ask for help early…problems are easy to fix when they are new and small, the longer you wait the harder it gets to fix them. Have a great start to the new school year.
Deborah Childers, Ninth District PTA Treasurer
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